ADNOC Gas plc, a subsidiary of the state energy company Abu Dhabi National Oil Company, on Monday announced Q4 2023 net profit of $1.35 billion, 24% higher compared with the same quarter of 2022, on higher product prices and volume growth.

For full-year 2023, the company's net profit of $4.72 billion was 8% lower year-on-year (YoY).

The results beat analysts’ mean estimates of $1.01 billion for Q4 and $4.34 billion for the full-year, according to LSEG data.

Revenue for Q4 was $6.3 billion, up 7% YoY, ADNOC Gas said in a regulatory disclosure on ADX. The jump came as processed volumes rose to 912 trillion British thermal unit (TBTU), up 5% compared to the same period in the previous year.

The strong performance was supported by efficiency improvements and an increase in the proportion of higher-margin liquids, it said.

ADNOC Gas confirmed its dividend of $3.25 billion, of which interim cash dividend of $1.625 billion was paid in December 2023 and a further $1.625 billion will be paid in Q2 2024. The company expects annual dividend growth of 5% per share over the next four years.

ADNOC Gas supplies approximately 60% of the UAE’s sales gas needs and supplies end-customers in over 20 countries.

(Reporting by Brinda Darasha; editing by Seban Scaria)