Shareholders of ADNOC Gasoline PLC accredited the built-in gasoline processing firm’s proposed dividend of $3.41 billion for 2024, it mentioned Monday.
That is the best dividend on the Abu Dhabi Securities Trade (ADX) final 12 months, in keeping with ADNOC Gasoline, majority-owned by Abdu Dhabi Nationwide Oil Co. (ADNOC).
About half was paid September 2024. The remaining $1.7 billion will probably be distributed within the second quarter of 2025, ADNOC Gasoline mentioned in an internet assertion.
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“In 2024, we achieved document monetary outcomes, superior main progress initiatives and declared the most important dividend fee on the ADX, whereas persevering with to capitalize on sturdy market fundamentals to ship a complete return to shareholders of 19 %”, commented ADNOC Gasoline chair Sultan Ahmed Al Jaber.
“Because the world more and more turns to pure gasoline and LNG [liquefied natural gas], notably in Asia, we additional strengthened our place as a essential enabler of worldwide power safety and a key contributor to the UAE’s financial progress and industrial growth.
“ADNOC Gasoline stays uniquely positioned to unlock additional progress whereas supporting the transformation of worldwide power programs”.
ADNOC Gasoline achieved its highest-ever yearly internet revenue in 2024 with $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 Gasoline’ highest quarterly consequence since its public itemizing in 2023, in keeping with outcomes revealed on the corporate’s web site.
“The corporate’s robust efficiency was underpinned by sturdy demand for home gasoline which supported quantity progress and improved pricing”, mentioned ADNOC Gasoline.
Annual gross sales volumes grew two % to three,616 million MMBtu. ADNOC Gasoline provides about 60 % of the UAE’s gross sales gasoline wants, in addition to provides over twenty nations, in keeping with the corporate.
Adjusted income for 2024 rose seven % year-on-year to $24.43 billion. “The corporate’s robust top-line efficiency for 2024 translated into a robust EBITDA progress of 14 % to $8.65 billion with a excessive, secure margin of 35 %”, ADNOC Gasoline mentioned.
For the fourth quarter, adjusted income was $6.06 billion and EBITDA $2.28 billion. “The sturdy enchancment was pushed by a number of components together with a richer mixture of gasoline, producing extra liquids, and improved business phrases within the home market”, ADNOC Gasoline mentioned.
Yr-end free money circulate was $4.58 billion, with the October-December interval contributing $1.22 billion.
On February 21 ADNOC Gasoline achieved what it mentioned was the most important placement on the Abu Dhabi trade, elevating about $2.84 billion from issuing 3.1 billion shares to institutional buyers.
The so-called marketed providing, the primary within the UAE in keeping with ADNOC, was priced at AED 3.4 ($0.93) per share, about 43 % larger than ADNOC Gasoline’ preliminary public providing (IPO) worth of AED 2.37 in March 2023. Elevating round $2.5 billion and leading to a market capitalization of roughly $50 billion, the IPO was the most important on the Abu Dhabi bourse then in keeping with ADNOC.
The marketed providing, which attracted Gulf and worldwide buyers, represents 4 % of ADNOC Gasoline’ issued and excellent share capital and has raised its free float to 9 % headline, in keeping with ADNOC. ADNOC retains an 86 % stake in ADNOC Gasoline.
“The next free float can be anticipated to supply a pathway in direction of inclusion within the Morgan Stanley Capital Worldwide Rising Market Index and the Monetary Instances Inventory Trade Rising Market Index, which can happen on the subsequent quarterly evaluate, topic to ADNOC Gasoline assembly all of the related inclusion standards”, ADNOC mentioned. “Index inclusion of ADNOC Gasoline would contribute to the diversification of the Firm’s investor base and considerably broaden consciousness of its worth proposition”.
BofA Securities, Citi, EFG-Hermes, First Abu Dhabi Financial institution, HSBC and Worldwide Securities acted as joint international coordinators and joint bookrunners.
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