ADNOC Classification: Public
Media Release:
ADNOC Gas to Distribute Inaugural Interim Cash
Dividend of $1.625 Billion
Company intends to pay a further final cash dividend of $1.625
billion (AED5.968 billion) for the financial year 2023 in Q2 2024
Dividend payment is underpinned by ADNOC Gas’ strong and
visible future cash flows
Abu Dhabi, UAE – November 14 2023: ADNOC Gas plc (together with its direct and indirect
subsidiaries, “ADNOC Gas” or the “Company”) (ADX symbol: “ADNOCGAS” / ISIN:
“AEE01195A234”), a world-class integrated gas processing company, today announced that
its Board of Directors has approved an inaugural interim cash dividend (interim dividend) of
$1.625 billion (AED5.968 billion) for distribution on 14 December 2023, equivalent to 7.776 fils
per share. The interim dividend will be paid to shareholders who own ADNOC Gas shares on
the record date of 24 November 2023.
Ahmed Alebri, Chief Executive Officer of ADNOC Gas, commented: “In line with ADNOC
Gas’ growth strategy of expanding our portfolio while also generating attractive shareholder
returns, I am delighted to announce the Board’s approval of our inaugural interim dividend.
This not only underscores our robust financial performance in the first half, but also our
commitment to rewarding our shareholders.
“Our abundant and high-quality feedstock and unwavering commitment to operational
excellence enable us to continue delivering across a diverse and highly attractive product
portfolio. This not only allows us to meet current market demands, but also positions us with
confidence to broaden our geographical reach and venture into new territories, exploring new
revenue streams that hold the potential to unlock additional value for shareholders.
“This approach underscores our dedication to thriving in a dynamic business landscape while
delivering robust returns to investors.”ADNOC Classification: Public
ADNOC Gas expects to pay another $1.625 billion (AED5.968 billion) as final cash dividend
for the financial year 2023 in the second quarter of 2024. The Company aims to increase the
annual dividend payment from $3.25 billion by 5% per annum on a per-share basis from 2024
to 2027. This reflects ADNOC Gas’ confidence in its strong and visible future cash flows, that
allows for both investment in long-term growth while also providing stable shareholder returns.
Continuing focus on investments and growth
ADNOC Gas continues to leverage opportunities arising from ADNOC’s integrated gas
masterplan, which links every part of the gas value chain in the UAE, ensuring a sustainable
and economic supply of natural gas to meet local and international demand. The plan includes
new approaches and technologies to enable increased gas recovery from existing fields and
the development of untapped resources whilst remaining fully committed to the
decarbonization of operations and the UAE’s and ADNOC’s sustainability goals.
Key dates:
Board of Directors’ approval 14 November 2023
Entitlement date (last day to purchase) 22 November 2023
Ex-Dividend date 23 November 2023
Record date 24 November 2023
Payment date 14 December 2023
About ADNOC Gas
ADNOC Gas, listed on the ADX (ADX symbol: “ADNOCGAS” / ISIN: “AEE01195A234”), is a
world-class, large-scale integrated gas processing company operating across the gas value
chain, from receipt of raw gas feedstock from ADNOC through large, long-life operations for
gas processing and fractionation to the sale of products to domestic and international
customers. ADNOC Gas supplies approximately 60% of the UAE’s sales gas needs and
supplies end-customers in over 20 countries. To find out more, visit: www.adnocgas.ae
(X) @ADNOCGas
For investor inquiries, please contact:
Zoltan Pandi, Vice President, Investor Relations
+971 (2) 6017087, ir@adnocgas.ae
For media inquiries, please contact:
Mayyasa Saeed Al Yammahi, External Communications Manager, Communications
+971 50 1171779, mayyasa@adnoc.aeAADDNNOOCC CCllaassssiiffiiccaattiioonn:: Public
Media Release:
ADNOC Gas Reports 13% Q-o-Q Increase in Q3 2023 Net
Income to $1.1 Billion, Demonstrating Resilient Financial
Performance
Company’s Q-o-Q revenue grows by 8% to $5.8 billion, underscoring its ability
to capitalize on optimization and growth opportunities
Robust nine-month Net Income of $3.4 billion is supported by growth in
production and sales volumes of liquids
Board approves inaugural interim cash dividend of $1.625 billion; free cash flow
generated in first nine months is sufficient to cover full-year dividend of $3.25
billion
Abu Dhabi, UAE – November 14, 2023: ADNOC Gas plc (together with its direct and indirect subsidiaries,
“ADNOC Gas” or the “Company”) (ADX symbol: “ADNOCGAS” / ISIN: “AEE01195A234”), a world-class
integrated gas processing company, today announced its financial results for the three months and nine months
ended September 30, 2023 (“Q3 2023” and “9M 2023”). The unaudited pro forma financial results of the Company
for the comparative period (i.e., the three and nine-month period ended September 30, 2022 (“Q3 2022” and “9M
2022”) noted herein are reported on a Pro Forma Adjusted basisi.
Robust financial performance demonstrates resiliency and ability to capitalize on opportunities
ADNOC Gas continued to deliver robust financial and operational performance in a volatile market environment
marked by consumer and geo-political pressures. The Company’s Q3 2023 revenue grew to $5.807 billion,
representing an 8% growth compared to Q2 2023, in line with the improving price environment and higher sales
volumes. Despite market volatility, the Company maintained stable margins in line with its guidance and previous
periods. Further, ADNOC Gas continued to deliver on its growth strategy, focusing on increased efficiency to
enable the export of higher-margin liquids.
The Company’s Q3 2023 EBITDA improved to $1.863 billion, up 5% compared to Q2 2023, while Net Income for
the quarter increased by 13% quarter-on-quarter (Q-o-Q) to $1.116 billion. These results underscore the business’
resilience and its ability to capitalize on optimization and growth opportunities. A nine-month Net Income of $3.375
billion reflects the lower pricing environment compared to the same period of 2022.AADDNNOOCC CCllaassssiiffiiccaattiioonn:: Public
Ahmed Alebri, Chief Executive Officer of ADNOC Gas, commented: “ADNOC Gas has delivered robust
financial results for the first nine months of the year despite a lower pricing environment compared to 2022. In
the third quarter, we maintained stable EBITDA and Net Income margins, demonstrating our resilience and ability
to generate attractive returns despite market headwinds.
“We have made significant progress, delivering on our growth strategy through substantial investments with $5.6
billion in contracts awarded in the first nine months of 2023. This includes the Engineering Procurement and
Construction contract awarded for the construction of carbon capture units, which is a significant milestone in our
decarbonization journey, helping us further decarbonize our operations in line with ADNOC’s bold Net-Zero by
2045 ambition.
“Expanding further into low carbon products, in the first nine month of the year, ADNOC Gas has concluded new
LNG supply deals with a total value of $9-12 billion. We have expanded our international customer base through
newly signed agreements with very reputable counterparties, mainly from Asia.
“I’m pleased to announce that our strong free cash-flow generation during the first nine months of the year fully
covers our full-year dividend for 2023. In line with our previous shareholder guidance, we will distribute our
inaugural interim cash dividend in December this year.”
Continuing focus on investments and growth: $5.6 billion in contracts awarded in 2023
So far in 2023, ADNOC Gas has awarded contracts totaling $5.6 billion. As part of its growth strategy, the
Company recently awarded a $3.6 billion contract to commission new capacity and expand its gas processing
facilities in the UAE, enabling optimized supply to the Ruwais Industrial Complex. In addition, the Company also
awarded a $615 million contract for a carbon capture project. This follows the Q2 award of $1.34 billion in
contracts for expanding its natural gas pipeline network as part of the ESTIDAMA program, aimed at enabling
the supply of higher volumes of natural gas to customers in the Northern Emirates.
ADNOC Gas continues to leverage opportunities arising from ADNOC’s integrated gas masterplan which links
every part of the gas value chain in the UAE, ensuring a sustainable and economic supply of natural gas to meet
local and international demand.
New LNG supply deals concluded worth between $9 billion and $12 billion
ADNOC Gas continues to capitalize on the growing global demand for natural gas and has signed LNG supply
deals valued between $9 billion and $12 billion this year. These agreements, signed with reputable counterparties
like Japan Petroleum Exploration Company Limited, Indian Oil Corporation Limited, PetroChina International Co.,
Ltd and JERA Global Markets, further strengthen ADNOC Gas’ position as a global, stable and reliable LNG
supplier with the capacity and capability to meet both local and international demand.
Strong growth in line with the UAE’s Net-Zero 2050 ambition
ADNOC Gas is fully aligned with the ambitions of ADNOC Group and the UAE to reduce greenhouse gas
emissions. The Company is a key enabler in delivering the Group’s 25% emissions intensity reduction target by
2030, the UAE’s Net-Zero by 2050 ambition and ADNOC’s own Net-Zero by 2045 target. In line with the broader
ESG strategy and as part of ADNOC’s accelerated decarbonization plan, the Company recently awarded a
contract for the construction of carbon capture units, pipeline facilities and a network of wells for carbon dioxideAADDNNOOCC CCllaassssiiffiiccaattiioonn:: Public
injection at the Habshan gas processing plant, with a carbon emission reduction capacity of 1.5 million tons per
annum.
Interim dividend approved, dividend guidance maintained
For the financial year 2023, ADNOC Gas expects to pay its inaugural interim cash dividend of $1.625 billion with
payments commencing on 14 December 2023, and a further $1.625 billion in Q2 2024. Following the annual cash
dividend payment of $3.25 billion for 2023, the Company expects an annual dividend growth of 5% per share
over the next four years, underscoring the strength and visibility of ADNOC Gas’ future cash flows.
----ENDS----
US $ Million 9M 22 9M 23 YoY % Q3 22 Q2 23 Q3 23 YoY % QoQ %
Pro Forma Pro Forma
Adjusted
9M 23 vs.
Adjusted
Q3 23 vs. Q3 23 vs.
9M 22 Q3 22 Q2 23
results results
Revenue 19,898 16,430 -17% 6,613 5,397 5,807 -12% 8%
COGS -11,681 -9,481 -19% -3,908 -3,078 -3,466 -11% 13%
Opex -1,468 -1,546 5% -521 -553 -479 -8% -13%
EBITDA 6,748 5,403 -20% 2,185 1,766 1,863 -15% 5%
Net Income 3,713 3,375 -9% 1,161 984 1,116 -4% 13%
EBITDA Margin 34% 33% -1% 33% 33% 32% -1% -1%
Capital
-482 -746 55% -193 -226 -347 80% 54%
Expenditure
Free Cash Flow 4,205 3,6252 -14% 1,324 1,5992 1,3072 -1% -18%
i ADNOC Gas was incorporated in the Abu Dhabi Global Market, Abu Dhabi, UAE on 8 December 2022 and the relevant
assets were contributed to ADNOC Gas effective 1 January 2023 as part of a reorganisation (the “Reorganisation”) that
included the entry into a gas supply and purchase agreement, a transitional marketing and transportation agreement, a
sulphur sales and marketing agreement, a pipelines use and operation agreement, a re-injection gas sale agreement and
certain lease agreements. The unaudited pro forma financial results for 9M 2022 presented in this document give effect to
the impact of the Reorganisation as if the Reorganisation had taken place on 1 January 2022. The unaudited pro forma
financial results for 9M 2022 have been prepared for illustrative purposes only and are based on available information and
certain assumptions and estimates that we believe are reasonable and may differ materially from the actual amounts that
would have been achieved had the Reorganisation taken place on 1 January 2022.
2. As per the audited financial statementsAADDNNOOCC CCllaassssiiffiiccaattiioonn:: Public
About ADNOC Gas
ADNOC Gas, listed on the ADX (ADX symbol: “ADNOCGAS” / ISIN: “AEE01195A234”), is a world-class, large-
scale integrated gas processing company operating across the gas value chain, from receipt of raw gas feedstock
from ADNOC through large, long-life operations for gas processing and fractionation to the sale of products to
domestic and international customers. ADNOC Gas supplies approximately 60% of the UAE’s sales gas needs
and supplies end-customers in over 20 countries. To find out more, visit: www.adnocgas.ae
(X) @ADNOCGas
For investor inquiries, please contact:
Zoltan Pandi
Vice President, Investor Relations
+971 (2) 6017087, ir@adnocgas.ae
For media inquiries, please contact:
Mayyasa Saeed Al Yammahi
External Communications Manager, Communications
+971 50 1171779 mayyasa@adnoc.ae14 November 2023 2023 ربمفون 14
Disclosures and Compliance Section ،،نيمرتحملا لاثتملااو حاصفلإا مسق /ةداسلا
Market Operations & Surveillance ةباقرلاو تايلمعلا ةرادإ
Abu Dhabi Securities Exchange ةيلاملا قارولأل يبظوبأ قوس
Greetings, ،،،دعبو ةبيط ةيحت
Subject: Meeting of the Board of Directors of زاغلل كوندأ ةكرش ةرادإ سلجمل عامتجإ :عوضوملا
ADNOC Gas plc (Company) held on )ةكرشلا( مهسلأاب ةدودحم ةماع ةكرش
Tuesday 14 November 2023 ربمفون 14 قفاوملا ءاثلاثلا موي دقعنملا
2023
We refer to the above matter and write to inform you ةرادإ سلجم نأب مكديفن اننإف هلاعأ عوضوملا ىلإ ةراشلإاب
that the Board of Directors of the Company held a ر صع نم ةثلاثلا ةعاسلا مامت يف هل ًاعامتجإ دقع دق ةكرشلا
meeting today, Tuesday 14 November 2023 at 3pm مادختسإ للاخ نم 2023 ربمفون 14 قفاوملا ءاثلاثلا موي
via video conference, and resolved as follows:
:يلي ام ررق ثيح ،دعُب نع روضحلا ةينقت
1. Approved the Company’s financial results for the ثلاثلا عبرلا نع ةكرشلل ةيلاملا تانايبلا ىلع ةقفاوملا .1
third quarter of the current financial year 2023 .)اهنع ةخسن قفرم( 2023 ةيلاحلا ةيلاملا ةنسلا نم
(copy attached).
2. Approved the interim cash dividends distribution فصنلا نع نيمهاسملل ةيدقن حابرأ عيزوت ىلع ةقفاوملا .2
to the Company’s shareholders for the first half هردقو غلبمب 2023 ةيلاحلا ةيلاملا ةنسلا نم لولأا
of the current financial year 2023 in the total لداعي ام( يكيرمأ رلاود 1,625,102,948
amount of USD 1,625,102,948 (equivalent to
لكل 7.776 رادقمب ،يتارامإ مهرد 5,968,190,576
AED 5,968,190,576 amounting to approximately
.)مهس
7.776 per share).
Details concerning dividends (cash): :)ةيدقن( حابرلأا تاعيزوت ليصافت
Cash Dividends ةيدقنلا تاعيزوتلا
Dividend period: Dividend for the first half فصنلا نع حابرأ تاعيزوت :حابرلأا تاعيزوت ةرتف
of the year 2023 2023 ماع نم لولأا
Amount (AED): 5,968,190,576 5,968,190,576 :)مهردلاب( ةميقلا
Last entitlement date: 22 November 2023 2023 ربمفون 22 :ءارشلل موي رخآ خيرات
Ex-dividend date: 23 November 2023 2023 ربمفون 23 :حابرلأا نم داعبتسلاا خيرات
Shareholders’ registry 24 November 2023 2023 ربمفون 24 : لجسلا قلاغإ خيرات
closing date:
Payment date: 14 December 2023 2023 ربمسيد 14 :عفدلا خيرات
All parties consent to this document being signed electronically -LGCC/INT/2023/16925(within 30 days of the 14 خيرات نم رهش للاخ(
date 14 November 2023) )2023 ربمفون
The Board also considered recent developments ةقلعتملا تادجتسملا رخآ ىلع ةرادلإا سلجم علطا امك
relating to the activities of the Company and its .اهعيراشمو ةكرشلا لامعأب
projects.
Yours sincerely, ،،،ريدقتلاو مارتحلاا قئاف لوبقب اولضفتو
_____________________________
Ahmed Mohamed Alebri يربعلا دمحم دمحأ
Acting Chief Executive Officer,
زاغلل كوندأ ةكرشل ةبانلإاب يذيفنتلا سيئرلا
ADNOC Gas plc
Copy to: Securities and Commodities Authority ن يمرتحملا علسلاو ةيلاملا قارولأا ةئيه/ةداسلا :ىلإ ةخسن
All parties consent to this document being signed electronically -LGCC/INT/2023/16925

Sentiment: positive