ADNOC Gas plc today revealed impressive financial results for the second quarter (Q2) of 2024. The company reported adjusted net income of $1,190 million, surpassing market expectations and showing a 21% year-over-year (y-o-y) improvement. The Q2 period’s $6,076 million in revenues represents a 13% year-over-year increase. Stronger sales for the domestic gas industry have been attributed to the UAE’s growing population and industrialisation.
More than 60% of the gas needs in the United Arab Emirates are met by ADNOC Gas, which also promotes the expansion of petrochemicals and other important industrial sectors. During the quarter, EBITDA growth exceeded revenue improvement, reaching $2,086 million, an 18% year-over-year increase. The company’s 34% EBITDA margin is supported by strong sales demand, the advantages of its long-term gas supply and purchase agreement, and ADNOC Gas’ crucial role in facilitating the industrial diversification and growth of the United Arab Emirates.
“Our strong Q2 results clearly reflect our focus on growth, significantly strengthening revenues and profitability while continuing to maintain a healthy margin,” stated Dr. Ahmed Alebri, CEO of ADNOC Gas. The 21% increase in net profit for the second quarter highlights our dedication to improving performance, putting efficiency into place, and cutting costs. In line with its dividend policy, ADNOC Gas has announced a 5% increase in its annual dividend per share, allocating a total of $3,412 million for the fiscal year (FY) 2024.
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