ADNOC Gas’ strong financial results in the third quarter of 2024 confirm the company’s growth momentum. With net profit up 11% to $1.24 billion, the company beats market consensus forecasts and strengthens its position in the global gas industry.
Quarterly revenue reached $6.28 billion, marking the fourth consecutive quarter above $6 billion. This performance is based on an increase in sales volumes and favorable prices for exported liquids. EBITDA amounted to $2.205 billion, up 18% year-on-year, with a stable margin of 35%. Free cash flow reached $1.184 billion.
An updated growth strategy
The board of directors of ADNOC Gas has validated a new growth strategy aimed at increasing EBITDA by more than 40% by 2029. This ambition is based on investments of $15 billion for the period 2025-2029, an amount revised upwards compared to initial forecasts.
According to Ahmed Alebri, Managing Director of ADNOC Gas, this strategy integrates decarbonization initiatives and the development of major projects such as MERAM, IGD-E2 and Ruwais LNG. These projects, planned to be operational before 2029, will increase gas processing and production capacity, meeting growing demand from the UAE and international markets.
Strongly growing national demand
In the UAE, gas demand is expected to grow by 6% annually until 2030, exceeding initial forecasts. This increase is driven by population growth, industrial expansion, and emerging sectors such as data centers for artificial intelligence and the food industry.
To support this increase, ADNOC Gas plans to strengthen its infrastructure while maintaining strict capital discipline. This includes the transfer of certain major projects, such as the ESTIDAMA gas pipeline network, to other entities of the ADNOC group while remaining under its operational management.
Long-term outlook
ADNOC Gas’s growth strategy extends beyond 2029 with the development of large-scale projects such as Bab Gas Cap, aimed at increasing gas processing capabilities. These projects support the UAE’s energy transition while positioning ADNOC Gas as a key player in the sustainable global gas industry.
