ADNOC Gas has achieved a record-breaking net income of USD 5 billion for 2024, a 13% increase over 2023, the gas-focused ADNOC subsidiary said on Friday.
“Our record-breaking fourth quarter results demonstrate our ability to deliver on our ambitious growth strategy as we seek to realise EBITDA growth of over 40% by 2029,” ADNOC Gas CEO Fatema Al Nuaimi said.
The CEO went on to praise “ADNOC Gas’s evolution into one of the highest income generating companies listed in the UAE, which is a testament to our commitment to create long-term and sustainable value for our shareholders as we invest in growth projects to meet the growing demand for lower-carbon domestic gas, LPG and LNG, both locally and globally as key fuels in the energy transformation.”
In Q3 2024, the company launched a strategy for 2025–2029 aimed at achieving a 40% increase in EBITDA and envisioning up to USD 15 billion of capex over these years.
The strategy also foresees taking over ADNOC’s 60% stake in the 4.8 million-tonne-per-year Ruwais low-carbon LNG project, which celebrated its groundbreaking in November.
Source: theenergyyear.com