ADNOC GAS-

Adnoc Gas posted a 3% y-o-y increase in net income, reaching USD 1.4 bn in 4Q 2024, its highest quarterly earnings since its IPO, according to the company’s unaudited financials (pdf). Revenue declined 4% to USD 6.1 bn during the same period. The solid performance was attributed to a “richer mix of gas, producing more liquids, and improved commercial terms in the domestic market,” according to its earnings release (pdf).

On an annual basis, the company’s adjusted net income rose by 13% y-o-y to a record USD 5 bn in 2024, with revenues rising 7% y-o-y to USD 24.4 bn. Sales volumes grew by 2%, driven by a 13% increase in Adnoc LNG joint venture contributions. The company attributed its growth to strong domestic gas demand, volume expansion, and improved pricing.

Adnoc Gas achieved 14.4% of its targeted 40% EBITDA growth set for 2029, CFO Peter Van Driel said during a media roundtable attended by EnterpriseAM UAE.

Dividends: The company will distribute USD 1.7 bn in dividends for 2024 earnings in April, bringing total annual dividends to USD 3.41 bn. Adnoc Gas has committed to increasing dividends by 5% annually.

Looking ahead: Adnoc Gas has several projects in the pipeline, including the Rich Gas Development (RGD) and Bab Gas Cap processing facilities, both currently under construction. Final investment decisions on contract awards and funding for RGD is expected in 2025, while Bab Gas Cap is expected in 2026.

REMEMBER: Adnoc Gas revised its five-year capex plan in November, raising it to USD 15 bn from a previous target of USD 13 bn.

Adnoc is gearing up for a rise in demand in 2025: The firm expects domestic gas sales to increase to 2.4 TBTU in 2025, driven by the power sector, which is growing due to the growing economy and population. Some facilities will undergo scheduled maintenance and integration with two new projects — the MERAM ethane processing facility and the IGD-E2 LNG operations facility — in 1H 2025. While this may temporarily impact operations and sales, CFO Peter Van Driel emphasized that it is a necessary step for future growth.

FIRST ABU DHABI BANK-

First Abu Dhabi Bank (FAB)’s net income rose 4% y-o-y to AED 4.2 bn in 4Q 2024, the bank said in its management discussion and analysis report (pdf). The UAE’s largest lender attributed the performance to “growth across all our businesses, higher margins, and diversified income streams helped by record client activity.” Operating income jumped 11% y-o-y to AED 7.7 bn, driven by a 5% y-o-y increase in the bank’s net interest income to AED 4.9 bn.

On an annual basis, the bank saw its bottom line grow 4% y-o-y to AED 17.1 bn in 2024. Operating income climbed 15% y-o-y in 2024 to AED 31.6 bn, driven by an increase in the bank’s net interest income, which grew 8% y-o-y to AED 19.6 bn, while non-interest income increased 29% y-o-y to AED 12 bn and made up 38% of total revenue.

FAB’s expansion also fueled growth, with its international franchise revenues surging 32% y-o-y with a revenue contribution of 23%, up from 20% in the previous year. Total assets rose 4% y-o-y to AED 1.2 tn.

Looking ahead: “Our solid balance sheet fundamentals, resilient NIM profile and diversified business model position us well to continue to deliver profitable growth and achieve our return targets,” CFO Lars Kramer said.

Dividends:The bank’s board proposed a dividend payout of AED 8.3 bn, equivalent to 75 fils per share for its 2024 earnings.

TECOM GROUP-

Business district developer Tecom Group has reported a net income of AED 286 mn for 4Q 2024, an 8% y-o-y decline, according to its financials (pdf). The group attributed the decline to the new corporate tax regime and higher financing costs linked to acquisitions, it said in an earnings release (pdf). Revenue for the quarter climbed 11% y-o-y to AED 643 mn.

On an annual basis, the group saw net income increase 14% y-o-y to AED 1.2 bn, while revenues rose by 11% to AED 2.4 bn. Growth was driven by higher occupancy rates of 94%, rental increases, and strong retention levels of 92%.

Dividends:The group’s board of directors proposed a dividend payout of AED 400 mn, equivalent to 8 fils per share, for 2H 2024.

RAK PROPERTIES-

RAK Properties’ net income rose by 32% to AED 280.9 mn in FY 2024, according to the company’s financials (pdf). Revenue rose 40% y-o-y to AED 1.4 bn. The company attributed its performance to strong sales across major residential, commercial, and hospitality projects, combined with strategic cost control and operational enhancements, the company said in an earnings release .

ADNIC-

Abu Dhabi National Ins. Company saw its net income rise 4.6% y-o-y to AED 419.5 mn, according to the company’s financials (pdf). The company’s ins. revenues saw a 54.6% y-o-y increase to a record high of AED 7.2 bn. Providing corporate ins. solutions for megaprojects, strong underwriting capabilities and a resilient asset allocation mix drove the firm’s growth during a year when other ins. companies’ operations struggled to weather difficult conditions like the storms in April.

CEO Charalampos Mylonas cited “robust financial performance and […] successful implementation of key strategic growth initiatives,” as key drivers of growth. Last April the ins. firm acquired a 51% stake in Riyad-based Allianz SF as it looked to expand its presence in the Saudi market, which has since been fully integrated into Adnic’s operations and rebranded as Mutakamela Ins. Company.

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