ADNOC Gas (ADNOCGAS) Q4 2024 earnings summary

Executive summary

• Adjusted net income reached $5.0 billion in FY 2024, up 13% year-over-year, with Q4 net income at a record $1.38 billion.

• FY 2024 revenue was $24,428M, up 7% YoY, and EBITDA rose 14% to $8,648M, reflecting strong operational resilience.

• Free cash flow for FY 2024 was $4.6 billion, exceeding the dividend payout by $1.2 billion.

• Reliability improved to 99.6% in 2024, with robust EBITDA margin of 35%.

• Board endorsed a final 2024 dividend payout of $1.706 billion.

Financial highlights

• EBITDA rose 14% to $8.65 billion in 2024, mainly due to margin enhancement.

• Free cash flow for FY 2024 was $4.58 billion, up from $4.46 billion in 2023.

• CapEx for FY 2024 totaled $1.8 billion, up 45% YoY, mainly for growth projects and maintenance.

• Dividend payout for FY 2024 totaled $3.41 billion.

• Q4 2024 revenue declined 4% YoY due to lower volumes from planned shutdowns; EBITDA rose 3% YoY.

Outlook and guidance

• 2025 EBITDA margin expected to remain around 35%.

• 2025 sales volumes expected between 3,460–3,586 TBTU, with higher shutdown activity in H1.

• CAPEX guidance for 2025: $3.0–3.5 billion, up from $1.8 billion in 2024, mainly for MERAM and maintenance.

• Net profit unit margins for 2025 expected to normalize after one-off events in 2024.

• Dividend growth of 5% per annum expected over 2024–2027.