The companies of the “ADNOC” Group, listed on the Abu Dhabi Securities Exchange, achieved strong financial results for 2024, with the six companies recording combined revenues of 182.4 billion dirhams, earnings before interest, taxes, depreciation, and amortization amounting to 58.7 billion dirhams, and net profits exceeding 33 billion dirhams for 2024.
The six companies distributed annual cash dividends totaling 24.6 billion dirhams to their shareholders, after obtaining their approval.
Strong financial performance reinforces the foundation of sustainable growth for the six companies in their continuous pursuit of implementing their strategies and following multifaceted initiatives to achieve profitable growth and attractive returns for shareholders.
ADNOC Distribution achieved record earnings before interest, tax, depreciation, and amortization of 3.85 billion dirhams for the year 2024, an increase of 4.8% year-on-year.
This strong performance is due to the increase in fuel sales and the notable growth in the non-fuel retail sector, in addition to growth in international markets including Saudi Arabia and Egypt.
The company’s board of directors also recommended distributing cash dividends amounting to 1.28 billion dirhams for the second half of 2024, with the distribution scheduled for April 2025, pending shareholder approval.
ADNOC Drilling Company achieved record financial results for 2024, with revenues exceeding 14.7 billion dirhams, a 32% year-on-year growth, while the net profit for the entire year reached 4.8 billion dirhams, an increase of 26% year-on-year.
The company’s total dividends for the year 2024 are expected to reach 2.9 billion dirhams, representing a 10% increase over 2023, after the company’s board of directors recommended a final cash dividend of 1.4 billion dirhams to be paid in April 2025, subject to shareholder approval.
ADNOC Gas achieved a net profit of 18.35 billion dirhams for the entire fiscal year 2024, and the company’s strong financial performance in 2024 translated into a robust 14% year-on-year growth in earnings before interest, taxes, depreciation, and amortization, reaching 31.75 billion dirhams.
The Board of Directors of “ADNOC Gas” confirmed its dividend distribution of more than 12.5 billion dirhams for the fiscal year 2024, having made an interim cash distribution of 6.26 billion dirhams in September 2024, with an additional 6.26 billion dirhams to be paid in April 2025, subject to shareholder approval.
The revenues of ADNOC Logistics and Services for 2024 increased by 29% year-on-year, while net profit reached 2.8 billion dirhams, marking a 22% year-on-year increase, driven by the company’s exceptional performance across all business sectors.
The company aims to distribute total profits exceeding one billion dirhams for the entire fiscal year 2024, with a recommendation to distribute profits worth 500 million dirhams for the second half of 2024. It is expected to be paid in April 2025, in addition to the 500 million dirhams in dividends for the first half of 2024, which have already been distributed to shareholders.
Borealis achieved outstanding financial results in 2024, recording a 24% year-on-year increase in its net profits, reaching 4.55 billion dirhams, supported by record production and sales volumes.
The company also achieved an EBITDA margin of 41% for 2024, driven by a 4% increase in annual revenues to 22 billion dirhams.
“Borouge” also intends to pay total cash dividends for 2024 amounting to 4.8 billion dirhams, having distributed interim cash dividends to shareholders worth 2.4 billion dirhams for the first half of last year. It is planned to offer additional final distributions of 2.4 billion dirhams in April 2025, after obtaining shareholder approval.
The company “Fertiglobe” achieved adjusted earnings before interest, taxes, depreciation, and amortization of 2.4 billion dirhams for the year 2024, while the company’s revenues amounted to 7.3 billion dirhams.
The board of directors of “Fertiglobe” also recommended distributing dividends for the second half of 2024 amounting to 458.75 million dirhams, subject to shareholder approval, raising the total dividends distributed for 2024 to over one billion dirhams, indicating a yield of 5%.
