ADNOC Gas Shareholders Approve Record $3.41 Billion Dividend For 2024 Amid Strong Financial Performance

ADNOC Gas plc, along with its subsidiaries, has received shareholder approval to distribute $3.41 billion in dividends for 2024. This includes a final payment of $1.706 billion scheduled for the second quarter of 2025. The decision was made during the company's Annual General Meeting (AGM).

Dr. Sultan Ahmed Al Jaber, Chairman of ADNOC Gas' Board of Directors, stated, "In 2024, we achieved record financial results, advanced major growth projects and declared the largest dividend payment on the ADX, while continuing to capitalize on robust market fundamentals to deliver a total return to shareholders of 19 percent."

ADNOC Gas reported impressive financial outcomes in 2024, with an adjusted net income reaching $5 billion. This marks a 13 percent increase from the previous year. The company also saw EBITDA grow by 14 percent year-on-year to $8.65 billion, maintaining a stable margin of 35 percent.

The company's strategy update in November 2024 highlighted plans for $15 billion investments aimed at meeting rising global natural gas demand. These investments are expected to boost EBITDA by 40 percent by 2029 compared to a 2023 baseline.

The AGM took place after ADNOC's significant share offering of 3.1 billion shares in ADNOC Gas. This was the largest share placement on the ADX and the biggest secondary offering in the UAE, valued at $2.84 billion.

This share offering has broadened ADNOC Gas' shareholder base significantly. The company is now eyeing potential inclusion in major indices like MSCI and FTSE within this year.

Positioning in Global Energy Market

As global reliance on natural gas and LNG grows, particularly in Asia, ADNOC Gas has solidified its role as a key player in energy security. The company is also a significant contributor to the UAE's economic growth and industrial development.

"ADNOC Gas remains uniquely positioned to unlock further growth while supporting the transformation of global energy systems," Dr. Al Jaber added.

The company's strategic initiatives include increasing its gas processing capacity by 30 percent as part of expanding upstream production capabilities.

ADNOC Gas' strong performance reflects its disciplined approach and strategic focus on growth opportunities that align with global energy demands.

With inputs from WAM