ADNOC’s listed companies post combined $24.2bln H1 2024 revenue

ADNOC’s listed companies post combined $24.2bln H1 2024 revenue

ADNOC Group’s listed portfolio companies have reported strong financial results for the second quarter and first half of 2024. The six companies reported AED89 billion in combined revenue, AED28.4 billion of earnings before interest, taxes, depreciation and amortisation (EBITDA) and net profit of more than AED16 billion for the first half of 2024. The solid performance strengthens the foundation for sustained growth for the companies as they continue to execute their individual strategies and pursue multi-faceted initiatives to deliver profitable growth and attractive shareholder returns.

ADNOC Distribution recorded double-digit EBITDA and net profit growth in the second quarter of 2024. The Company reported a 15 percent) increase year-on-year (YoY to AED979 million in Q2 2024 EBITDA and a 12.9 percent YoY rise in net profit to AED623 million, while revenue increased 8 percent YoY to AED8.8 billion.

In H1 2024, ADNOC Distribution demonstrated growth in EBITDA of 16.2 percent YoY to AED1.9 billion, while net profit attributable to equity holders increased by 7.7 percent YoY to AED1.2 billion and revenue for the six-month period grew by 8.7 percent to AED17.5 billion. The H1 2024 dividend of AED1.3 billion is expected to be distributed to shareholders in October 2024, subject to the discretion of the Board of Directors.

Projecting a solid outlook for the full year 2024 and beyond, ADNOC Distribution is pushing ahead with its new five-year growth strategy with a focus on leveraging AI, technology, and innovation to unlock value. The Company is actively pursuing over 20 innovative AI projects and has established partnerships with leading global AI technology firms to maintain its market-leading position.