ADNOC Gas record 21% profit increase YoY in Q2

ADNOC Gas plc reported on Monday strong financial results for the second quarter of 2024, with an adjusted net income of $1,190 million, marking a 21 per cent year-on-year (YoY) increase. Revenues rose by 13 per cent to $6,076 million in the second quarter, driven by growing domestic demand due to population and industrial growth.

The company, which supplies over 60 per cent of the UAE’s gas, achieved earnings before interest, taxes, depreciation, and amortisation (EBITDA) of $2,086 million, an 18 per cent rise, supported by high sales demand and strategic supply agreements.

The company also announced a 5 per cent increase in its annual dividend per share, aiming to distribute $3,412 million for the full year 2024. The Board approved an interim dividend of $1,706 million, to be paid in September, with a final dividend planned for April 2025, subject to shareholder approval.

Attribution: Emirates News Agency (WAM)