Post: ADNOC Gas announces record Q2 net income of $1.19 billion

Abu Dhabi, ADNOC Gas announced strong financial results for the second quarter (Q2) of 2024, posting an adjusted net income of $1,190 million, a 21% year-on-year (y-o-y) improvement exceeding market expectations. Revenues for the Q2 period of $6,076 million are an increase of 13% y-o-y. Within the UAE, increased population and industrial growth have contributed to stronger sales for the domestic gas business. ADNOC Gas fulfils more than 60% of the UAE's gas demand and is fuelling the development of key industrial sectors, including the growth of petrochemicals. Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) growth outpaced revenue improvement during the quarter, reaching $2,086 million, an 18% y-o-y increase. The company's EBITDA margin of 34% is underpinned by high sales demand and the benefits of its long-duration gas supply and purchase agreement and ADNOC Gas' integral role in powering and enabling the UAE's Industrial diversification and growth, the Emirates News Agency (WAM) reported. Dr. Ahmed Al Ebri, CEO of ADNOC Gas, said, "Our robust Q2 results clearly reflect our focus on growth, significantly strengthening revenues and profitability while continuing to maintain a healthy margin. The 21% improvement in Q2 net profit underlines our commitment to enhancing our performance, implementing efficiencies, and optimising costs." ADNOC Gas has announced an increase in its annual dividend per share by 5%, aligning with its dividend policy to distribute a total of $3,412 million for the full year (FY) 2024. The Board of Directors has approved an interim dividend of $1,706 million, scheduled for distribution in September. The approved interim dividend equals to a dividend per share of 8.164 fils. A planned final dividend also of $1,706 million will be distributed in April 2025, pending approval at the Annual General Meeting. Source : Bahrain News Agency