{"id":84328,"date":"2025-02-10T00:00:00","date_gmt":"2025-02-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2025\/02\/10\/adnoc-gas-reports-robust-growth-in-fy-2024\/"},"modified":"2025-02-10T00:00:00","modified_gmt":"2025-02-10T00:00:00","slug":"adnoc-gas-reports-robust-growth-in-fy-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2025\/02\/10\/adnoc-gas-reports-robust-growth-in-fy-2024\/","title":{"rendered":"Adnoc Gas reports robust growth in FY 2024"},"content":{"rendered":"

Adnoc<\/strong> Gas saw <\/strong>its bottom line grow 13% y-o-y in 2024 to USD 5 bn in 2024<\/strong>, according to an ADX d<\/a>isclosure (pdf)<\/a> of unaudited financial results published on Thursday. The firm\u2019s top line rose by 7% y-o-y to USD 24.43 bn during the same period. <\/p>\n

Behind the numbers: <\/strong>The company\u2019s solid performance was driven by a 2% increase in sales volumes supported by higher contributions from ADNCO LNG and high demand for domestic gas, boosting \u201cvolume growth and improved pricing,\u201d according to its earnings release (pdf)<\/a>.<\/p>\n

On a quarterly basis:<\/strong> Adnoc Gas\u2019 net income increased 3% y-o-y to USD 1.38 bn in 4Q 202, while its revenues grew 3% y-o-y to USD 2.28 bn during the same time period. The strong quarterly performance was attributed to a \u201cricher mix of gas, producing more liquids, and improved commercial terms in the domestic market,\u201d according to the earnings release.<\/p>\n

LNG expansion plans ahead: <\/strong>Adnoc Gas is set to acquire a 60% stake in the Ruwais LNG project from its parent group Adnoc in 2H 2028<\/a>for an estimated USD 5 bn<\/a>, and will dispatch the first cargo from the Ruwais facility in late 2028. It also expects global gas demand to rise 14% by 2040<\/a>, as new industries such as data centers, coupled with population growth, will drive demand for the \u2018transition fuel,\u2019 with plans to add some 9.6 mn tons of LNG to its export portfolio from the Ruwais plant.<\/p>\n

\n

ABU DHABI SHIP BUILDING- <\/p>\n

Abu Dhabi Ship Building (ADSB) reported a 92% y-o-y increase in net income to AED 77.<\/strong>3 mn in 2024<\/strong>, according to its earnings release (pdf)<\/a>. Revenues rose 19% y-o-y to AED 1.5 bn, driven by progress on key contracts, including the Falaj3 contract for four offshore patrol vessels for the UAE Navy and progress on the BR71 MKII corvettes, ADSB-designed patrol boats, and logistical support for the Angolan Navy. The company also delivered two Adnoc tugboats and advanced its Small Boat, MRO, and Mission Systems segments.<\/p>\n","protected":false},"excerpt":{"rendered":"

PLUS: Abu Dhabi Ship Building posts big bottomline increase in 2024<\/p>\n","protected":false},"author":1,"featured_media":84329,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[175],"tags":[183,174,129],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-84328","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-adnoc","tag-earnings-watch","tag-uae","wpautop","entry"],"acf":{"mongo_id":"d991518e-32d3-445b-8411-e5602e596264","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/1515.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Adnoc Gas reports robust growth in FY 2024","related_issue":[84313],"teaser":"PLUS: Abu Dhabi Ship Building posts big bottomline increase in 2024","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/2\/.224fa182-acc6-491c-acc7-6ce5fa2c6f5d.mp3"},"yoast_head":"\nAdnoc Gas reports robust growth in FY 2024 - 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