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ADNOC Gas unveils $4.7bn net income in 2023, dividends

ADNOC Gas unveils $4.7bn net income in 2023, dividends
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ADNOC Gas
ADNOCGAS
11.07% 3.21 0.32

Abu Dhabi – Mubasher: The net income of ADNOC Gas stood at $4.72 billion in 2023, marking a 2% decrease from $4.79 billion in 2022.

The revenues dropped by 12% to $22.73 billion as of 31 December 2023 from $25.78 billion a year earlier, according to the consolidated financial results.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) hit $7.61 billion last year, lower by 12% than $8.67 billion in 2022.

Income Statements for Q4-23

In the fourth quarter (Q4) of 2023, the UAE-based firm posted an annual hike of 24% in net profit to $1.34 billion, compared to $1.08 billion.

Revenues amounted to $6.30 billion in Q4-23, up 7% year-on-year (YoY) from $5.88 billion.

Quarter-on-quarter (QoQ), the net profits registered in Q4-23 jumped by 21% from $1.11 billion in Q3-23, while the revenues grew by 8% from $5.80 billion.

Ahmed Alebri, CEO of ADNOC Gas, commented: “ADNOC Gas delivered a strong set of results in 2023, overcoming a challenging market environment in the first half of the year.”

“ADNOC Gas sustained its strong sales momentum during the year, signing new LNG supply agreements valued between $9 billion and $12 billion, capitalizing on the growing global demand for LNG as a transitional fuel,” Alebri noted.

Dividends

The board members of ADNOC Gas greenlighted cash dividends amounting to $3.25 billion for 2023.

An inaugural interim cash dividend of $1.625 billion was paid in December 2023, while a further $1.62 billion will be paid in Q2-24.

Following the dividend payment for 2023, the ADX-listed company expects annual dividend growth of 5% per share over the next four years.