ADNOC Gas and its subsidiaries on Monday confirmed shareholder approval at its Annual General Meeting (AGM) to distribute $3.41 billion in full-year dividends for 2024, including a final dividend payment of $1.706 billion scheduled for distribution in the second quarter of 2025.
ADNOC Gas delivered strong financial results in 2024 reporting record adjusted net income of $5 billion, up an impressive 13% y-o-y, and strong EBITDA growth of 14% y-o-y to $8.65 billion, with a high, stable EBITDA margin of 35% with free cash flow of $4.58 billion.
ADNOC Gas’ robust 2024 results demonstrate the success of its disciplined strategy, unveiled in November 2024. The strategic update outlined investments of $15 billion in growth opportunities designed to meet the escalating global demand for natural gas and drive a projected 40% increase in EBITDA by 2029 from a 2023 baseline.
This will be achieved through an expected 30% increase in the company’s gas processing capacity as ADNOC expands its upstream production capacity, the company said in a regulatory filing this morning.
The AGM followed the completion of ADNOC’s recent marketed offering of 3.1 billion shares in ADNOC Gas – the largest share placement ever on the ADX and the largest secondary offering in the UAE at $2.84 billion.
As a result of the completed offering, ADNOC Gas has expanded its shareholder base and anticipates potential inclusion in the MSCI and FTSE indices as early as this year, the company said.
On Path of Progress
Dr Sultan Ahmed Al Jaber, Chairman of ADNOC Gas’ Board of Directors, said that the company has achieved record financial results, advanced major growth projects and declared the largest dividend payment on the Abu Dhabi Securities Exchange (ADX) in 2024, and continued to capitalise on robust market fundamentals to deliver a total return to shareholders of 19%.
As the world increasingly turns to natural gas and LNG, particularly in Asia, we further strengthened our position as a critical enabler of global energy security and a key contributor to the UAE’s economic growth and industrial development, he said.
“ADNOC Gas remains uniquely positioned to unlock further growth while supporting the transformation of global energy systems,” Dr Al Jaber added.
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