The company announced that its net income amounted to 4.36 billion dirhams (about 1.18 billion dollars).
The company’s revenues in the second quarter increased by 13% year-on-year to AED 22.31 billion. The increase was due to population and industrial growth in the UAE, contributing to increased demand for gas and increased sales volume in the local market.
This was reflected in the company’s financial performance, as ADNOC Gas provides more than 60% of the country’s sales gas needs, to support the development of key industrial sectors and growth in the petrochemical sector.
The company recorded a significant improvement in the growth of its earnings before interest, taxes, depreciation and amortization, reaching AED 7.65 billion, an increase of 18% year-on-year.
The profit margin of 34% is based on higher sales demand, the benefits of the long-term gas supply and purchase agreement, and the company’s role in promoting and enabling industrial diversification and growth in the country.
Ahmed Al Abri, CEO of ADNOC Gas, said that the company’s strong financial results in the second quarter of this year reflect the focus on growth, significantly enhancing revenues and profitability while continuing to maintain an appropriate profit margin. He pointed out that the company’s net profit increase of 21% in the second quarter confirms the commitment to enhancing performance, optimally employing competencies and improving costs.
The company announced a 5% increase in annual earnings per share, in line with its policy of distributing dividends totaling AED 12.52 billion for the entire fiscal year 2024.
The company’s board of directors approved the distribution of interim cash dividends amounting to AED 6.26 billion in September 2024, with the approved interim dividends equivalent to 8.164 fils per share.
A final cash dividend of AED 6.26 billion will be distributed after approval at the Annual General Meeting.
(USD = 3.67 AED)
Source: WAM
#UAEs #ADNOC #Gas #reveals #income
2024-08-12 13:59:30
