UAE’s ADNOC Gas Reports 21% Increase in Q2 Net Profit Amid Industrial Sector Growth

ADNOC Gas plc, a key subsidiary of state-owned energy giant Abu Dhabi National Oil Company (ADNOC), upgraded its financial performance for the second quarter of 2024. , which attracted higher demand for gas.

That net profit exceeded analyst expectations, averaging $1.14 billion, according to LSEG data. ADNOC Gas’ robust performance is a testament to its strategic role in the UAE’s energy landscape, meeting more than 60% of the country’s gas demand.

The company also reported a strong increase in revenue in the second quarter, which came in at $6.08 billion. This represents a 13% increase over the same period last year, driven by stronger sales within the domestic gas business. The financial results were disclosed in a follow-up letter to the Abu Dhabi Securities Exchange (ADX), reflecting the company’s continued growth and operational success.

In addition to the financial releases, ADNOC Gas’ board approved an interim dividend of $1.706 billion, equivalent to 8.164 elephants per share. This dividend represents a 5% increase over 2023, indicating that the company is committed to delivering value to its shareholders. For the full fiscal year 2024, ADNOC Gas plans to distribute dividends totaling $3.41 billion.

These results highlight ADNOC Gas’ important role in the UAE’s energy sector and its contribution to the country’s economic growth. ADNOC Gas continues to strengthen its position as a leader in the global energy market with its strategic focus on meeting domestic energy demand and expanding its presence in the market.