The company recorded strong financial results in 2023, with revenues amounting to $22.7 billion

ADNOC Gas shareholders agree to distribute $3.25 billion in dividends for 2023.

Sultan Ahmed Al Jaber: “ADNOC Gas” plans to invest more than $13 billion between 2024 and 2029, in local and international growth opportunities.

The General Assembly of ADNOC Gas PLC (ADNOC Gas) held its first annual meeting since the initial public offering of its shares in March 2023, headed by the Minister of Industry and Advanced Technology, Chairman of the Board of Directors of ADNOC Gas, Dr. Sultan Ahmed Al Jaber.

The shareholders approved the company’s Board of Directors’ proposal to distribute dividends worth $3.25 billion for the entire year of 2023, noting that $1.625 billion of that was distributed as cash dividends for the first phase in December 2023, and the second installment of the same value will be distributed in the second quarter of 2024.

Dr. Sultan Ahmed Al Jaber said: “The company achieved strong financial and operational results in 2023, fulfilled its promises regarding the distribution of shareholders’ profits, and is also working to implement many important projects, to accelerate its growth in the future.”

He added: “The company’s share price witnessed a 30% increase since its listing in March 2023 until the end of the year, and this contributed to raising its market value to reach $65 billion, and it became among the largest and best 20 oil and gas companies in the world, while the total shareholder returns amounted to, including This includes 35% annual profits in 2023,” pointing out that these achievements, which were achieved despite the decline in global gas prices, reflect the company’s ability to achieve strong financial performance and distinguished growth.

Al Jaber continued: “In 2023, ADNOC Gas made significant investments to enhance its growth strategy, and awarded contracts worth $4.9 billion to expand processing facilities and reach more customers, as these projects will provide additional sales volumes expected to reach 20%.” .

He said: “Our international sales achieved significant growth in 2023, with the signing of agreements to export liquefied natural gas worth up to $12 billion, ensuring the continuity and stability of our revenues in the coming years by benefiting from the increasing global demand.”

Al Jaber added: “ADNOC Gas plans to invest more than $13 billion between 2024 and 2029, in local and international growth opportunities, with the expectation of increasing its earnings margin before interest, taxes, depreciation and amortization by up to 40% by 2029. The company also seeks to “Benefiting from the increased demand in international markets for liquefied natural gas, through the acquisition of the new Ruwais LNG plant that is under construction and is planned to more than double production capacity by 2028.”

For his part, ADNOC Gas CEO, Dr. Ahmed Al-Abri, said: “Our strong financial performance in 2023 reinforces our confidence in expanding our global presence and exploring new sources of revenue that have the potential to create additional value for shareholders. We plan to double our LNG production capacity through the strategic acquisition of the new Ruwais LNG plant. We also aim to expand internationally by acquiring assets in the gas value chain, and targeting viable opportunities in Europe, India, China and Southeast Asia.”

ADNOC Gas achieved strong financial results in 2023, with revenues of $22.7 billion and net income of $4.7 billion, exceeding market expectations, laying a strong foundation for further growth in 2024 and beyond. The company intends to gradually increase the dividends it pays to its shareholders by 5% on an annual basis over the next four years, which confirms the strength and clarity of the company's future cash flows.

ADNOC Gas has well-established foundations that enable it to benefit from raising ADNOC’s oil production capacity to five million barrels per day by 2027, and also benefit from ADNOC’s announcement of its intention to make the final investment decision for the Ruwais LNG project in 2024, which ADNOC plans to make. For gas” to acquire it.

This year, the company will focus on processing and delivering increasing quantities of gas to its customers.