Abu Dhabi National Oil Company Group’s six publicly traded subsidiaries have secured shareholder approval to distribute a combined $6.7 billion in dividends for the fiscal year 2024, underscoring their robust financial health and dedication to shareholder value. This substantial payout follows a collective net profit exceeding $9 billion and total revenues of $49.7 billion across the listed entities.
ADNOC Gas emerged as the leading contributor, confirming a record net income of $5 billion for 2024. The company reported an EBITDA of $8.65 billion, marking a 14% year-on-year increase. Shareholders approved a total dividend of $3.41 billion, with a final installment of $1.706 billion scheduled for distribution in the second quarter of 2025. This dividend represents the largest payout by any issuer on the Abu Dhabi Securities Exchange for the year.
ADNOC Drilling reported a net profit of $1.3 billion, reflecting a 26% increase from the previous year. The company achieved revenues of $4 billion and an EBITDA of $2 billion, driven by the expansion of its onshore and offshore fleets and the development of its oilfield services segment. A total dividend of $788 million was approved, up 10% year-on-year, with a final cash dividend of $394 million to be paid in April 2025.
ADNOC Logistics & Services reported a net profit of $756 million, a 22% increase from the previous year, and revenues of $3.55 billion. The company’s strong performance was attributed to solid results across all business segments and strategic investments, including the acquisition of an 80% stake in Navig8. ADNOC L&S plans to distribute a total dividend of $272 million for 2024, pending shareholder approval.
Borouge, a joint venture between ADNOC and Borealis, reported a net profit of $2.1 billion for the first half of 2024, a 35% increase year-on-year. The company achieved its highest-ever production volumes, with adjusted EBITDA increasing 21% to $1.17 billion. Borouge intends to maintain a dividend of $1.31 billion for 2024, with an interim dividend of $655 million upon shareholder approval.
