Adnoc Gas shareholders approve $3.41bn dividend for 2024
Adnoc Gas has confirmed shareholder approval at its Annual General Meeting (AGM) to distribute $3.41 billion in full-year dividends for 2024, including a final dividend payment of $1.706 billion scheduled for distribution in the second quarter of 2025.
Dr Sultan Al Jaber, Chairman of Adnoc Gas' Board of Directors, commented: 'In 2024, we achieved record financial results, advanced major growth projects and declared the largest dividend payment on the ADX, while continuing to capitalise on robust market fundamentals to deliver a total return to shareholders of 19 per cent. As the world increasingly turns to natural gas and LNG, particularly in Asia, we further strengthened our position as a critical enabler of global energy security and a key contributor to the UAE's economic growth and industrial development. Adnoc Gas remains uniquely positioned to unlock further growth while supporting the transformation of global energy systems.'
Adnoc Gas delivered strong financial results in 2024 reporting record adjusted net income of $5 billion, up an impressive 13 per cent year-on-year, and strong EBITDA growth of 14 per cent year-on-year to $8.65 billion, with a high, stable EBITDA margin of 35 per cent with free cash flow of $4.58 billion.
Adnoc Gas' robust full-year 2024 results demonstrate the success of its disciplined strategy, unveiled in November 2024. The strategic update outlined investments of $15 billion in growth opportunities designed to meet the escalating global demand for natural gas and drive a projected 40 per cent increase in EBITDA by 2029 from a 2023 baseline. This will be achieved through an expected 30 per cent increase in the company's gas processing capacity as Adnoc expands its upstream production capacity.
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