ADNOC Group’s publicly traded companies have announced impressive financial results for 2024. The combined revenue reached AED182.4 billion ($49.7 billion), with EBITDA of AED58.7 billion ($16 billion) and a net profit exceeding AED33 billion ($9 billion). These strong figures highlight ADNOC’s continued growth and market leadership.
Robust Dividend Distribution
The six ADNOC companies plan to distribute AED24.6 billion ($6.7 billion) in annual dividends, subject to shareholder approval. This reinforces their commitment to delivering value to investors while advancing long-term strategic goals.
ADNOC Distribution’s Growth Momentum
ADNOC Distribution reported a record EBITDA of AED3.85 billion ($1.05 billion), a 4.8% increase from the previous year. Net profit, excluding the impact of the UAE corporate income tax, rose by 2.4% to AED2.66 billion ($725 million). The board proposed a second-half dividend of AED1.28 billion ($350 million), expected to be paid in April 2025.
The company remains on track to meet its 2028 targets, including expanding to 1,000 service stations and installing over 500 EV charging points. In 2025, it plans to add 40-50 new stations and approximately 100 fast and super-fast EV chargers.
ADNOC Drilling Achieves Record Results
ADNOC Drilling posted a revenue of AED14.7 billion ($4 billion), reflecting a 32% increase year-on-year. EBITDA grew by 36% to AED7.3 billion ($2 billion), with a 50% margin. Net profit reached AED4.8 billion ($1.3 billion), up 26%. This growth stems from fleet expansion and increased oilfield services.
The company expects a total dividend of AED2.9 billion ($788 million) for 2024, marking a 10% rise from the previous year. The board has recommended a final dividend of AED1.4 billion ($394 million) for April 2025.
ADNOC Gas Reports Strong Demand
ADNOC Gas recorded a net income of AED18.35 billion ($5 billion) and a 14% increase in EBITDA to AED31.75 billion ($8.65 billion). Revenue grew by 7% to AED89.66 billion ($24.43 billion), driven by higher sales volumes and improved pricing.
The board confirmed a total dividend of AED12.5 billion ($3.41 billion) for 2024. An interim dividend of AED6.26 billion ($1.71 billion) was paid in September, with another AED6.26 billion ($1.71 billion) expected in April 2025.
ADNOC L&S Expands Fleet and Profits
ADNOC L&S reported revenue growth of 29% to AED13 billion ($3.55 billion), with EBITDA rising 31% to AED4.2 billion ($1.15 billion). Net profit increased by 22% to AED2.8 billion ($756 million). The company acquired 23 energy-efficient vessels and finalized its 80% stake in Navig8.
A total dividend of AED1 billion ($273 million) is planned for 2024, with a second-half payment of AED500 million ($136.5 million) scheduled for April 2025.
Borouge’s Expansion and Innovation
Borouge achieved a 24% rise in net profit to AED4.55 billion ($1.24 billion), driven by record production and high demand. EBITDA margins remained strong at 41%, with revenue reaching AED22 billion ($6 billion).
The company confirmed a total dividend of AED4.8 billion ($1.3 billion) for 2024, with the final AED2.4 billion ($650 million) expected in April 2025. Borouge is progressing with its Borouge 4 expansion, set to increase production by 28% to 6.4 million tonnes annually.
Fertiglobe Strengthens Market Position
Fertiglobe reported an adjusted EBITDA of AED2.4 billion ($648 million) and revenue of AED7.3 billion ($2 billion). The company successfully reduced costs by AED183.5 million ($50 million) and aims for an additional AED367 million ($100 million) in savings by 2025.
Fertiglobe also advanced its low-carbon ammonia project in the UAE, targeting one million tonnes of production annually by 2027.
Looking Ahead
With strong financial performance across all divisions, ADNOC Group continues to position itself for long-term growth. The company’s focus on expansion, innovation, and sustainability ensures it remains a key player in the global energy sector.
