UAE “ADNOC” companies increase their profits by 29% by the end of 2022

The profits of 5 subsidiaries or partially owned by the ADNOC Group increased by 29 percent by the end of 2022, compared to the profits of 2021.

The profits of ADNOC's subsidiaries amounted to more than 33.2 billion dirhams by the end of 2022, compared to net profits achieved by these companies of 25.73 billion dirhams in 2021, according to press releases.

The list of companies includes ADNOC Distribution, ADNOC Drilling, Borouge, FertGlobe and finally the recently listed ADNOC Gas.

The distributions of the five companies combined amounted to 27 billion dirhams, of which 13.97 billion dirhams were actually distributed for the fiscal year ending on December 31, 2022.

Borouge confirmed its commitment to pay 4.77 billion dirhams in dividends for the year 2023, while ADNOC Gas expects to distribute no less than 11.94 billion dirhams for 2023.

And the total adjusted revenues of ADNOC Gas amounted to 91.3 billion dirhams for the twelve-month period to October 2022.

ADNOC Gas achieved adjusted profits before interest, tax, depreciation and amortization amounted to 32 billion dirhams, compared to 24.25 billion dirhams in the comparison period of 2021, and net income amounted to 17.8 billion dirhams, compared to 13.2 billion dirhams in the comparison period of the previous year.

The company expects to distribute profits of no less than 11.94 billion dirhams, based on the company's financial performance for the year ending on December 31, 2023.

ADNOC Distribution's net profit increased by 22% to reach 2.75 billion dirhams in 2022, compared to a net profit of 2.25 billion dirhams in 2021.

The company distributed total cash dividends for the fiscal year ending on December 31, 2022, amounting to 2.57 billion dirhams, 20.57 fils per share.

ADNOC Gas amended the dividend policy for the year 2023 to stipulate the distribution of profits of no less than 2.57 billion dirhams (20.57 fils per share) for the year 2023, compared to distributions equal to at least 75% of the distributable profits according to the previous policy.

ADNOC Drilling achieved exceptional net profits in the same year, amounting to 2.95 billion dirhams in 2022, compared to 2.2 billion dirhams in 2021, an increase of 33%.

ADNOC Drilling's dividends amounted to 2.5 billion dirhams, equivalent to 15.66 fils per share.

Last year, the net profit of Buruj plc amounted to 5.1 billion dirhams, compared to profits of 5.5 billion dirhams in 2021, a decline of 7.2%.

The total distribution of Borouge after the IPO amounted to 3.57 billion dirhams for 2022, while the company confirmed its commitment to pay 4.77 billion dirhams in dividends for the year 2023.

VirtGlobe achieved a net profit of 4.6 billion dirhams during 2022, compared to a net profit of 2.58 billion dirhams in the previous year, a growth of 78%.

And the Abu Dhabi Securities Exchange witnessed, on March 13, the start of trading in the shares of ADNOC Gas PLC within the first market, the first category, under the symbol (ADNOCGAS).

It is noteworthy that the market value of the Abu Dhabi Securities Market will rise, with the listing of ADNOC Gas, from 2.702 trillion dirhams at the end of last Friday’s session, to reach 2.884 trillion dirhams, approaching the three trillion dirham barrier for the first time in its history.