ADNOC Fuel PLC achieved its highest-ever yearly internet earnings in 2024 at $5 billion, pushed by pure gasoline consumption within the United Arab Emirates.
Internet earnings for the fourth quarter of 2024 totaled $1.38 billion, ADNOC Fuel’ highest quarterly end result since its public itemizing in 2023, the corporate reported on its web site.
“The corporate’s sturdy efficiency was underpinned by sturdy demand for home gasoline which supported quantity development and improved pricing”, stated ADNOC Fuel, the built-in gasoline processing arm of Abu Dhabi Nationwide Oil Co. (ADNOC).
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Annual gross sales volumes grew two % to three,616 million MMBtu. ADNOC Fuel provides about 60 % of the UAE’s gross sales gasoline wants, in addition to provides over twenty nations, in response to the corporate.
Adjusted income for 2024 rose seven % year-on-year to $24.43 billion. “The corporate’s sturdy top-line efficiency for 2024 translated into a robust EBITDA development of 14 % to $8.65 billion with a excessive, secure margin of 35 %”, ADNOC Fuel stated.
For the fourth quarter, adjusted income was $6.06 billion and EBITDA $2.28 billion. “The sturdy enchancment was pushed by a number of elements together with a richer mixture of gasoline, producing extra liquids, and improved business phrases within the home market”, ADNOC Fuel stated.
Yr-end free money circulation was $4.58 billion, with the October-December interval contributing $1.22 billion.
ADNOC Fuel declared a dividend of $3.41 billion for 2024, half of which was paid September 2024. It expects to distribute the remaining half this April.
“The ultimate dividend for FY 2024 is in step with the corporate’s sturdy coverage to extend the annual dividend by 5 % yearly and displays the corporate’s sturdy free money circulation, which exceeds the dividend dedication by over $1 billion”, it stated.
ADNOC Fuel chief govt Fatema Al Nuaimi commented, “Our record-breaking fourth quarter outcomes show our capability to ship on our bold development technique as we search to understand EBITDA development of over 40 % by 2029”.
“ADNOC Fuel’ evolution into one of many highest earnings producing firms listed within the UAE, which is a testomony to our dedication to create long-term and sustainable worth for our shareholders, as we spend money on development initiatives to satisfy the rising demand for lower-carbon home gasoline, LPG and LNG, each domestically and globally as key fuels within the vitality transformation”, Al Nuaimi added.
Earlier ADNOC Fuel raised its deliberate 2025-29 capex of $13 billion to $15 billion to capitalize on rising home gasoline demand.
“Within the UAE, the annual development in gasoline demand to 2030 is anticipated to be 6 %, versus an anticipated 2 % on the time of the IPO [initial public offering]”, ADNOC Fuel stated in a press release November 11, 2024. “This sturdy enhance in demand can be pushed by increased financial exercise, inhabitants development and industrial growth, underpinned by AI knowledge facilities and the meals trade”.
Throughout the 5 years, ADNOC Fuel goals to finish three gasoline initiatives, together with the Massive Oil-backed Ruwais LNG. Focused to start out manufacturing 2028, the 9.6 million tons every year (MMtpa) facility would greater than double ADNOC’s LNG output.
The opposite two are the Maximization of Ethane Restoration and Monetization Challenge, which is deliberate to provide as much as 3.4 MMtpa of ethane and pure gasoline liquids, and the IGD-E2 undertaking, designed to have a gasoline processing capability of 370 million cubic toes a day.
“The up to date development technique additionally advances the design and idea examine of large-scale pre-FID [final investment decision] initiatives to accommodate a big enhance within the firm’s gasoline processing capabilities as ADNOC expands its upstream manufacturing capability, in addition to the Bab Fuel Cap undertaking, that are anticipated to be accomplished after 2029”, ADNOC Fuel stated.
ADNOC Fuel expects Bab Fuel Cap, which can serve the onshore Bab subject, so as to add 1.9 billion cubic toes per day of processing capability.
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