According to Amac News: Fatima Al Nuaimi, CEO of ADNOC Gas, expressed satisfaction with the company’s financial performance and said that it is looking to grow EBITDA by more than 40% by 2029.
The company’s strong performance was attributed to strong demand for domestic gas, which contributed to volume growth and improved prices.
Total sales volume increased by 2% to 3.616 million MMBTU in the 2024 financial year. This increase in volume was made possible by a 13% increase in the share of the ADNOC LNG (ALNG) joint venture.
Adjusted revenues in fiscal 2024 increased 7% year-over-year to $24.43 billion, driven by a 2% increase in volume and improved pricing.
The company’s strong top-line performance in 2024 translated into strong EBITDA growth of 14% to $8.65 billion, with a stable and high margin of 35%. Free cash flow for the period was $4.58 billion, reflecting the company’s strong ability to convert cash.
The company’s fourth-quarter results reflect the orderly execution of an updated strategy that was introduced after the third quarter of 2024. The plan targets an increase in EBITDA of more than 40% by 2029 and includes capital expenditure (CAPEX) of up to $15 billion for the period 2025-2029, including the acquisition of ADNOC’s 60% stake in the low-carbon liquefied natural gas (LNG) project at Al Ruwais for a cost in the second half of 2028.
In the fourth quarter of 2024, ADNOC Gas delivered adjusted revenues of $6.06 billion, EBITDA of $2.28 billion and net income of $1.381 billion.
The final profit for the fiscal year 2024 is in line with the company’s strong policy of increasing its dividend by 5% annually and reflects the company’s strong free cash flow, exceeding dividend commitments by more than $1 billion.