ADNOC Gas to deliver $3.41b as 2024 dividend - that's up 5%
ADNOC Gas becomes one of UAE's 'highest income generating' listed companies
Dubai: With net income expanding to an eye-catching $5 billion, ADNOC Gas has confirmed a 2024 dividend of $3.41 billion, which will be 5% higher from a year ago.
The higher shareholder payout is 'in line with the company’s robust policy to increase the annual dividend by 5% annually', said a statement. This 'reflects the company’s strong free cash flow, which exceeds the dividend commitment by over $1 billion'.
In the final three months of 2024 alone, the entity secured net income of $5 billion plus.
“Our record-breaking fourth quarter results demonstrate our ability to deliver on our ambitious growth strategy as we seek to realize EBITDA growth of over 40% by 2029," said Fatema Al Nuaimi, CEO of ADNOC Gas.
"ADNOC Gas’ evolution into one of the highest income generating companies listed in the UAE, which is a testament to our commitment to create long-term and sustainable value for our shareholders, as we invest in growth projects to meet the growing demand for lower carbon domestic gas, LPG and LNG, both locally and globally as key fuels in the energy transformation.”
In fact, the robust demand for domestic gas supported volume growth and even helped with an improved pricing.
40% gain on EBITDA
ADNOC's medium-term target is to spur EBITDA growth to over 40% by 2029 and also entails capex of up to $15 billion for the 2025-29 period. This is inclusive of buying ADNOC’s 60% share in the lower-carbon intensity Ruwais LNG project at cost in H2-2028.
