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

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.