ADNOC’s listed companies report AED89 billion in H1 2024 revenue

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Sharjah 24 – WAM: ADNOC Group’s listed portfolio companies have reported strong financial results for the second quarter and first half of 2024. The six companies reported AED89 billion in combined revenue, AED28.4 billion of earnings before interest, taxes, depreciation and amortisation (EBITDA) and net profit of more than AED16 billion for the first half of 2024.

ADNOC Distribution recorded double-digit EBITDA and net profit growth in the second quarter of 2024. The Company reported a 15 percent) increase year-on-year (YoY to AED979 million in Q2 2024 EBITDA and a 12.9 percent YoY rise in net profit to AED623 million, while revenue increased 8 percent YoY to AED8.8 billion.

ADNOC Distribution: Revenue increased 8.7% YoY to AED17.5 billion. EBITDA grew 16.2% YoY to AED1.9 billion, and net profit rose 7.7% YoY to AED1.2 billion. A dividend of AED1.3 billion is expected in October 2024.

ADNOC Drilling: Achieved record results with H1 revenue of over AED6.6 billion, up 26% YoY. EBITDA increased 34% YoY to AED3.3 billion. Net profit for H1 was AED2.1 billion, up 28% YoY. An interim dividend of AED1.4 billion has been approved.

ADNOC Gas: Reported Q2 revenue of AED22.3 billion, up 13% YoY, with adjusted net income of AED4.4 billion, a 21% YoY increase. H1 revenue reached AED44.4 billion, with EBITDA of AED15.3 billion and net income of AED8.7 billion. An interim dividend of AED6.3 billion is scheduled for September.

ADNOC L&S: Revenue for Q2 was AED3.3 billion, up 42% YoY. H1 revenue rose 42% YoY to AED6.4 billion, with a net profit increase of 31% YoY to AED1.5 billion. A total dividend of AED1 billion for 2024 is projected.

Borouge: Achieved a 33% YoY increase in Q2 net profit to AED1.1 billion. H1 net profit rose 35% YoY to AED2.1 billion, with adjusted EBITDA up 21% YoY to AED4.3 billion. A 2024 dividend of AED4.8 billion is planned.

Fertiglobe: Reported Q2 revenues of AED1.8 billion and H1 revenues of AED3.8 billion. Adjusted net profit for H1 was AED493.6 million. A dividend distribution is expected in October 2024.