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ADNOC Gas announces 15% higher revenues in Q1-24, $13bn investment plans

ADNOC Gas announces 15% higher revenues in Q1-24, $13bn investment plans
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Abu Dhabi – Mubasher: ADNOC Gas posted a 15% year-on-year (YoY) surge in revenues to $6.01 billion during the first quarter (Q1) of 2024, compared to $5.22 billion.

The adjusted net income hiked by 21% YoY to $1.18 billion in Q1-24, while the company’s domestic gas net income unit margin improved by 20% YoY, according to the financial results.

Ahmed Alebri, CEO of ADNOC Gas, said: “Our strong profitability was backed by a high cash conversion rate where our free cash flow generation was up 47% YoY to $1.18 billion.”

“The company plans to invest more than $13 billion in domestic and international growth opportunities between 2024 and 2028, with its predictable margin business expected to grow its EBITDA by up to 40%,” Alebri revealed.

Cash Dividends

The CEO highlighted: “Our robust cash flow generation will enable us to grow the annual dividend by 5% to $3.41 billion in 2024, in line with our dividend policy,”

“Thanks to ADNOC Gas’ strong financial performance and an exceptional portfolio of growth projects, our shareholders stand to continue to benefit from an annual dividend yield of over 5% in addition to the potential for share price appreciation,” he added.

As of 31 December 2023, the ADX-listed company reported a 2% lower net income at $4.72 billion, compared to $4.79 billion in 2022.