ADNOC Fuel, a world-class built-in gasoline processing firm, has introduced robust monetary outcomes for the second quarter (Q2) of 2024.
Pushed by sturdy home demand, fuelled by the UAE’s inhabitants progress and industrial enlargement, revenues for the Q2 interval of $6,076 million is a rise of 13% y-o-y (12 months on 12 months). ADNOC Fuel, a subsidiary of the Abu Dhabi Nationwide Oil Firm (ADNOC) that provides over 60% of the home gasoline market, noticed its 2023 revenues attain $8.16 billion.
ADNOC Fuel reported a 9% improve in revenues to exceed $9 billion for the primary half of 2024. The online earnings for H1-2024 was $2.37 billion, up from $2.25 billion a 12 months in the past and exceeding expectations, in response to Gulf Information.
ADNOC Fuel Sees Huge Income Progress
EBITDA progress outpaced income enchancment through the quarter, reaching $2,086 million, an 18% y-o-y (12 months on 12 months) improve. The corporate’s EBITDA margin of 34% is underpinned by excessive gross sales demand and the advantages of its long-duration gasoline provide and buy settlement and ADNOC Fuel’ integral function in powering and enabling the UAE’s Industrial diversification and progress.
Dr Ahmed Alebri, Chief Government Officer of ADNOC Fuel, mentioned: “Our sturdy Q2 outcomes clearly mirror our deal with progress, considerably strengthening revenues and profitability whereas persevering with to take care of a wholesome margin. The 21% enchancment in Q2 Web Revenue underlines our dedication to enhancing our efficiency and implementing and optimising prices. We’re nicely positioned to pursue our formidable progress agenda, underpinned by the energy, enlargement, and ambition of the UAE market.”
ADNOC Fuel Leads the Method in AI and Digital Transformation for the Fuel Trade
ADNOC Fuel has been a pioneer in Synthetic Intelligence, Digitalisation and Know-how (AIDT) for the gasoline trade. The corporate put in one of many trade’s largest Actual Time Optimiser (RTO), which is an answer that helps in analysing operation parameters and recommends tips on how to cut back power consumption and emissions. The answer first piloted in 2018 was rolled out throughout 27 manufacturing trains. General, $1 billion in worth has been realised via the deployment of AIDT in ADNOC Fuel since 2016. An extra $2 billion is anticipated over the subsequent 5 years.
ADNOC Fuel Optimises Capital Effectivity with ESTIDAMA Undertaking Switch
ADNOC Fuel introduced in July that it’ll switch possession of the $2.4 billion gasoline pipeline extension mission (ESTIDAMA) to ADNOC, considerably optimising ADNOC Fuel’ capital effectivity. The corporate will proceed to handle and function the ESTIDAMA mission, permitting it to achieve new prospects within the Northern Emirates.
Strategic LNG Partnerships
In June, ADNOC introduced a Ultimate Funding Resolution (FID) on the Ruwais Liquified Pure Fuel (LNG) mission and in July, it welcomed Mitsui & Co, Shell, bp, and TotalEnergies as fairness companions, every taking a ten% stake. ADNOC additionally awarded an Engineering, Procurement, and Development (EPC) contract valued at over $5.5 billion. ADNOC Fuel is managing the design and building and has reaffirmed its intention to change into an fairness associate, and operator of Ruwais LNG by buying ADNOC’s stake.
Interim Dividend Of $1.706 Billion Permitted
ADNOC Fuel has introduced a rise in its annual dividend per share by 5%, aligning with its dividend coverage to distribute a complete of $3,412 million for the complete 12 months (FY) 2024. The corporate has declared an interim dividend of $1.706 billion, equal to eight.164 fils per share, payable in September. The corporate has additionally proposed a remaining dividend of the identical quantity of $1.706 billion to be distributed in April 2025.
About ADNOC Fuel
ADNOC Fuel is a world-class, large-scale built-in gasoline processing firm working throughout the gasoline worth chain, from receipt of feedstock from ADNOC via massive, long-life operations for gasoline processing and fractionation to the sale of merchandise to home and worldwide prospects. ADNOC Fuel provides roughly 60% of the UAE’s gross sales gasoline wants and provides end-customers in over 20 international locations.
Associated
