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ADNOC Gas has reported $1.38 billion in net income for the fourth quarter of 2024. The figure indicates a 3% year-on-year uptick and a 11% jump from the company’s Q3 earnings.
The company attributed the surge to its “updated strategy” from the previous quarter, with plans to increase EBITDA by over 40% by 2029, which entails capital expenditure (CAPEX) of up to $15 billion for the 2025-2029 period and the acquisition of ADNOC’s 60% share of the lower-carbon intensity Ruwais liquefied natural gas (LNG) project at cost in H2 2028.
For Q4, ADNOC Gas reported adjusted revenues of $6.06 billion and EBITDA of $2.28 billion.
Full-year earnings
The integrated gas processing company recorded earnings of $5 billion for the full year, indicated a 13% YoY increase, which ADNOC Gas attributed to robust demand for domestic gas that supported volume growth and improved pricing.
Adjusted revenues increased by 7% YoY to $24.43 billion. EBITDA saw growth of 14% to $8.65 billion. Free cash flow for the period reached $4.58 billion.
For the financial year 2024, ADNOC Gas has confirmed a dividend of $3.412 billion.
(Writing by Bindu Rai, editing by Daniel Luiz)
