ADNOC Group’s publicly traded portfolio companies have delivered robust financial outcomes for the full year of 2024. Together, the six companies reported a total revenue of $49.7 billion, with EBITDA reaching $16 billion and net profit surpassing $9 billion for the year.
Collectively, the companies intend to distribute $6.7 billion in annual dividends to their shareholders, subject to shareholder approvals. This impressive financial performance provides a solid foundation for continued growth, as each company advances its strategy and engages in diverse initiatives designed to foster profitable growth and offer attractive returns to shareholders.
ADNOC Distribution net profit hits $725 million
ADNOC Distribution reported an EBITDA of $1.05 billion in 2024, up 4.8 percent year-on-year. This record-breaking performance reflects robust fuel volumes, significant non-fuel retail growth and increasing contributions from international operations including Saudi Arabia and Egypt. Net profit, excluding the impact of the UAE corporate income tax which went into effect in 2024, grew by 2.4 percent year-on-year to $725 million.
The board of directors recommended a cash dividend of $350 million for the second half of 2024, expected to be paid in April 2025 subject to shareholders’ approval.
ADNOC Distribution is on track to achieve its 2028 targets, including 1,000 service stations and over 500 EV charging points. In 2025, it plans to open 40-50 new stations, primarily in Saudi Arabia, and add around 100 fast and super-fast EV charging points to its existing network of 220 across the UAE. The company also aims to double its Tier-1 food and beverage outlets by 2025.
ADNOC Drilling revenue surges to $4 billion
ADNOC Drilling also delivered record full-year 2024 results. Revenue reached over $4 billion, up 32 percent year-on-year, resulting in an all-time high of over $2 billion EBITDA, up 36 percent year-on-year, with a margin of 50 percent. Net profit for the year reached $1.3 billion, up 26 percent year-on-year.
This record growth was driven by the expansion of onshore and offshore fleets and the continued development of the oilfield services segment.
The total expected dividend for 2024 is expected to be $788 million, up 10 percent year-on-year, following the Board of Director’s recommended a final cash dividend of $394 million to be paid in April subject to shareholders’ approval.
ADNOC Gas achieves record net income of $5 billion
Meanwhile, ADNOC Gas announced a record net income of $5 billion for 2024, along with a 14 percent year-on-year increase in EBITDA to $8.65 billion, driven by robust demand for domestic gas which supported volume growth and improved pricing.
Adjusted revenues in 2024 increased by 7 percent year-on-year to $24.43 billion behind a 2 percent increase in sales volume and improved pricing. The company also seeks to realize EBITDA growth of over 40 percent by 2029 compared to 2023 results.
The board confirmed its dividend of $3.412 billion, of which an interim cash dividend of $1.706 billion was paid in September 2024 and an additional $1.706 billion is expected to be paid in April 2025, pending shareholders’ approval.
ADNOC Gas will also invest in growth projects to meet the growing demand for lower-carbon domestic gas, LPG and LNG.
ADNOC L&S revenues rise $3.55 billion
Furthermore, ADNOC L&S announced robust financial results for 2024, with revenue increasing 29 percent to $3.55 billion, EBITDA up 31 percent to $1.15 billion, net profit growing 22 percent to $756 million. The strong results were driven by solid performance across all business segments.
During 2024, the company invested in 23 newly built energy-efficient vessels to support lower-carbon energy sources and grew its global footprint and large integrated logistics business. In January, the company closed its previously announced acquisition of an 80 percent stake in Navig8, which is expected to boost earnings per share by at least 20 percent in 2025, unlocking $20 million in annual synergies from 2026.
Borouge net profits grow 24 percent
Borouge also announced exceptional financial results for 2024, reporting a 24 percent year-on-year increase in net profit to $1.24 billion. This growth is largely driven by record production of 5.2 million tons and annual sales volumes of 5.3 million tons, fueled by high demand for its specialized products.
The company achieved an industry-leading EBITDA margin of 41 percent, with revenue increasing by 4 percent to $6 billion.
Looking forward, Borouge aims to deliver strong financial performance while strengthening its market position through strategic growth initiatives and advancements in sustainable product development. The company is also progressing with the Borouge 4 expansion project, which aims to boost annual production capacity by 28 percent to 6.4 million tons, making Borouge the world’s largest single-site polyolefin complex.
Fertiglobe proposes dividend of $125 million
Fertiglobe reported adjusted EBITDA of $648 million in 2024 and revenue of $2 billion. The company successfully met its annual cost reduction goal of $50 million and aims to achieve an additional $100 million in EBITDA through its Manufacturing Improvement Plan by the end of 2025 compared to a 2023 baseline.
Results for the fourth quarter were influenced by planned maintenance and the strategic decision to defer several shipments to early 2025 to capitalize on stronger urea prices and to maximize shareholder value.
The board has proposed a dividend of $125 million for the second half of 2024, pending approval from shareholders, which would result in total dividends for the year of $275 million and implying an above-industry-average yield of 5 percent.
