ADNOC Gas’ Q1-2024 net profit expands to $1.18b as domestic and overseas sales spike

ADNOC Gas’ Q1-2024 net profit expands to $1.18b as domestic and overseas sales spike

“Fueled by robust sales volumes and ongoing margin improvement in our core domestic operations, we’re proud to have achieved a 21 per cent y-o-y increase in adjusted net income," said Dr. Ahmed Alebri, CEO. "We have made significant progress on our strategic growth projects, including signing additional LNG sales agreements that reinforce our position as a trusted and reliable global supplier.

“Our robust cashflow generation will enable us to grow the annual dividend by 5 per cent to $3.41 billion in 2024," the CEO added. "Shareholders stand to continue to benefit from an annual dividend yield of over 5 per cent in addition to the potential for share price appreciation.”

Its Q1-2024 earnings before interest, taxes, depreciation, and amortization (EBITDA) increased to $2.07 billion, a 17 per cent increase. The EBITDA margin improved to 35 per cent from 34 per cent a year earlier, 'underscoring the benefits of our 25-year gas supply and purchase agreement'.

ADNOC Gas signed a new 10-year LNG supply agreement that will see it supply 0.5 million metric tonnes of LNG per annum to GAIL India, India’s leading natural gas company. "The deal capitalizes on the growing global demand for LNG as a transitional fuel and underscores ADNOC