BAKU, Azerbaijan, February 6. ADNOC has posted an impressive 13% year-on-year growth in adjusted net income for 2024, reaching $5 billion, driven by robust domestic gas demand and favorable pricing, Trend reports.
The company’s volume growth, bolstered by a 13% increase in its ADNOC LNG (ALNG) joint venture contribution, helped push total sales volumes up by 2% to 3,616 million MMBTU.
Adjusted revenues also saw a 7% year-on-year increase to $24.43 billion, supported by higher sales volumes and improved pricing. ADNOC's top-line growth translated into a strong EBITDA performance, which rose by 14% to $8.65 billion, with a stable margin of 35%. Free cash flow reached a notable $4.58 billion, reflecting the company’s strong ability to convert earnings into cash.
The company’s performance in Q4 2024 reflects the consistent implementation of its updated strategy, which aims for a 40% increase in EBITDA by 2029. The strategy includes a capital expenditure plan of up to $15 billion for 2025-2029, with a focus on the acquisition of ADNOC’s 60% share in the lower-carbon intensity Ruwais LNG project by the second half of 2028.
In Q4, ADNOC Gas reported adjusted revenues of $6.06 billion, EBITDA of $2.28 billion, and net income of $1.381 billion. The quarter’s robust performance was driven by a richer mix of gas, higher liquid production, and improved commercial terms in the domestic market.