24% income growth in the fourth quarter... and distributions of 11.9 billion

ADNOC Gas’s profits exceed 17 billion dirhams during 2023

ADNOC Gas maintained its strong sales momentum last year. Archive

Yesterday, ADNOC Gas announced its consolidated financial results for the three months ending December 31, 2023, and for the period from December 8 (date of establishment) to December 31, 2023, where net profit for the year amounted to $4.72 billion (17.3 billion dirhams).

The company's revenues recorded an increase of 7% in the fourth quarter of last year on an annual basis, reaching about $6.3 billion (23.1 billion dirhams), thanks to the high sales volume, which amounted to 912 trillion British thermal units (TBTU), enough to supply six million homes with energy. For one year, an increase of 5% compared to the same period of the previous year.

As a result, earnings before financing costs, taxes, depreciation and deductions (EBITDA) for the fourth quarter of 2023 increased by 15% year-on-year to reach $2.21 billion (AED 8.1 billion), resulting in a year-on-year net income increase of 24%. Recording an amount of $1.35 billion (4.95 billion dirhams).

ADNOC Gas confirms its dividends of $3.25 billion (about 11.9 billion dirhams) for the fiscal year 2023, as it made interim opening cash distributions of $1.625 billion in December 2023, and another $1.625 billion will be paid in the second quarter of 2024.

After distributing dividends for the year 2023, the company expects a growth in annual dividends of 5% per share over the next four years, which confirms the strength and clarity of the company’s future cash flows.

ADNOC Gas CEO, Dr. Ahmed Al-Abri, said, “The company achieved strong results in 2023, despite a difficult price environment in the first half of the year.”

He added: “These results confirm the company’s flexibility and its ability to maintain strong profit margins during price fluctuations, as we made significant investments in 2023 to advance our growth strategy by awarding engineering, procurement and construction (EPC) contracts with a total value of $4.9 billion in order to significantly increase our production capacity.” Sustainable.”

Al-Abri continued: “ADNOC Gas maintained its strong sales momentum during the year, and benefited from the increasing global demand for liquefied natural gas as a transitional fuel, as we signed contracts to supply it worth between 9 and 12 billion dollars. This strong performance in all of our businesses enabled us to... “Exceeding our goals for 2023, according to what we included during the public offering period.”

Contracts

ADNOC Gas awarded contracts in 2023 for the purpose of driving sustainable growth in the long term, including a contract worth $3.6 billion (13.2 billion dirhams) to operate new gas processing facilities and expand existing ones. It also awarded another contract worth $1.3 billion (4.7 billion dirhams). Billions of dirhams) to expand the natural gas pipeline network as part of the Estidama programme, which aims to enable the supply of larger quantities of natural gas to its customers in the Northern Emirates.

• The company expects annual dividend growth of 5% per share over the next 4 years.