ADNOC Gas Q2 Earnings Soar To $1.19 Billion Amid UAE Industrial Expansion

ADNOC Gas meets over 60% of the UAE's gas requirements, supporting key industrial sectors such as petrochemicals. The company's role is crucial in driving the nation's industrial diversification and growth.

ADNOC Gas recently reported impressive financial results for the second quarter (Q2) of 2024, with an adjusted net income of $1,190 million. This marks a 21% year-on-year (y-o-y) increase, surpassing market expectations.

Revenues for Q2 reached $6,076 million, reflecting a 13% y-o-y growth. The rise in sales within the UAE is attributed to population and industrial expansion.

The company's EBITDA for the quarter was $2,086 million, an 18% y-o-y increase. This growth outpaced revenue improvement and resulted in an EBITDA margin of 34%, driven by high sales demand and long-term gas supply agreements.

ADNOC Gas has announced a 5% increase in its annual dividend per share. This aligns with its policy to distribute a total of $3,412 million for the full year (FY) 2024. The Board approved an interim dividend of $1,706 million, set for distribution in September.

The interim dividend translates to a dividend per share of 8.164 fils. A final dividend of $1,706 million is planned for April 2025, pending approval at the Annual General Meeting.

Dr. Ahmed Alebri, CEO of ADNOC Gas, stated, "Our robust Q2 results clearly reflect our focus on growth, significantly strengthening revenues and profitability while continuing to maintain a healthy margin. The 21% improvement in Q2 net profit underlines our commitment to enhancing our performance, implementing efficiencies, and optimising costs."

The company’s strong financial performance underscores its strategic importance in powering the UAE's economic development. ADNOC Gas continues to play a pivotal role in meeting domestic gas demand and supporting industrial growth.