ADNOC Gas, listed on the Abu Dhabi Securities Exchange, announced strong financial results for the third quarter of 2024, with net income rising 11 percent year-on-year to AED 4.552 billion (about $1.24 billion), exceeding Bloomberg’s consensus forecast for the current quarter.
ADNOC Gas said in a statement on the Abu Dhabi Securities Exchange that revenues rose to more than 23 billion dirhams (about 6.3 billion dollars), exceeding, for the fourth consecutive quarter, the amount of 22 billion dirhams (6 billion dollars).
The announcement of ADNOC Gas’ third-quarter results coincided with the company’s Board of Directors’ approval of its updated growth strategy, which aims to increase earnings before interest, taxes, depreciation and amortization by more than 40 percent by 2029. Expected capital expenditures were set at AED 55 billion ($15 billion) between 2025 and 2029.
On this occasion, Dr. Ahmed Al Abri, CEO of ADNOC Gas, said: “Our financial results in the third quarter of 2024 reflect our strong performance. Our updated growth strategy will contribute to developing our future businesses and support our efforts to increase the company’s earnings before interest, taxes, depreciation and amortization by more than 40 percent by 2029. ADNOC Gas will also continue its commitment to providing exceptional additional value to its shareholders through its ambitious growth plans and its efforts to increase the annual dividend distribution by 5 percent.”
“By advancing the implementation of our projects and improving the company’s assets, we will continue to contribute to supporting industrial diversification in the UAE and providing more gas to our local customers, benefiting from the company’s growing infrastructure. In addition, through the Ruwais LNG project and our emissions reduction initiatives, we seek to meet the growing global demand for low-carbon natural gas and enhance ADNOC Gas’ position as a leader in the sustainable gas sector worldwide,” he added.
