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ADNOC Gas plc, a subsidiary of the state energy company Abu Dhabi National Oil Company, on Monday posted a Q2 2024 net profit of $1.19 billion, up 21% year-on-year (YoY) driven by growth in the UAE's industrial sector.
The net profit was a shade over analysts’ mean estimate of $1.14 billion, according to LSEG data.
Revenues for the Q2 period came in at $6.08 billion, up 13% YoY on stronger sales within the domestic gas business, a regulatory filing on ADX showed. ADNOC Gas fulfils more than 60% of the UAE’s gas demand, it said.
The company board has approved an interim dividend of $1.706 billion (or 8.164 fils), up 5% on 2023. For FY 2024, it will distribute a total of $3.41 billion.
(Reporting by Brinda Darasha; editing by Seban Scaria)