Abu Dhabi: ADNOC Group's publicly traded companies have reported strong financial results for the year 2024, highlighting a promising trajectory for future growth. Collectively, the six companies achieved a combined revenue of AED182.4 billion ($49.7 billion), an EBITDA of AED58.7 billion ($16 billion), and a net profit exceeding AED33 billion ($9 billion). They plan to distribute AED24.6 billion ($6.7 billion) in annual dividends, pending shareholder approval.
According to Emirates News Agency, ADNOC Distribution's EBITDA rose by 4.8% year-on-year to AED3.85 billion ($1.05 billion), driven by strong fuel volumes and non-fuel retail growth. The Board has recommended a cash dividend of AED1.28 billion ($350 million) for the second half of 2024. The company is on track to reach its 2028 targets, including 1,000 service stations and over 500 EV charging points.
ADNOC Drilling reported record revenue of over AED14.7 billion ($4 billion), a 32% increase from the previous year. The company achieved a net profit of AED4.8 billion ($1.3 billion) and anticipates a total dividend of AED2.9 billion ($788 million) for 2024. Expansion of onshore and offshore fleets contributed significantly to this growth.
ADNOC Gas announced a record net income of AED18.35 billion ($5 billion) with a 14% increase in EBITDA. The Board confirmed a dividend of AED12.5 billion ($3.412 billion), with an additional payment expected in April 2025. The company is investing in projects to meet the demand for lower carbon gases.
ADNOC L and S experienced a 29% revenue increase to AED13 billion ($3.55 billion). The acquisition of an 80% stake in Navig8 is expected to enhance earnings in 2025. The company plans to distribute a full-year dividend of AED1 billion ($273 million) for 2024.
Borouge achieved a 24% increase in net profit, reporting AED4.55 billion ($1.24 billion). The company plans to distribute AED4.8 billion ($1.3 billion) in dividends for 2024. Borouge is advancing its Borouge 4 expansion project to increase production capacity.
Fertiglobe reported an adjusted EBITDA of AED2.4 billion ($648 million) in 2024. The company aims to enhance EBITDA by AED367 million ($100 million) by the end of 2025. A dividend proposal of AED458.75 million ($125 million) for the second half of 2024 is pending approval.
These financial achievements provide a solid foundation for ADNOC's listed companies to pursue strategic growth and deliver attractive returns to shareholders.