ADNOC Gas Delivers Strong Q3 Results; Board Approves Strategy Update
ADNOC Gas Delivers Strong Q3 Results; Board Approves Strategy Update
$1.24bn quarterly net income in Q3, up 11% YoY beating market expectations
季度淨利潤爲12.4億美元，同比增長11%，超出市場預期
Revenues of $6.28 billion exceeding $6 billion for fourth quarter in a row
收入達到62.8億美元，連續四個季度超過60億美元
Q3 results coincide with ADNOC Gas' Board approval of an updated growth strategy
Q3成果與ADNOC Gas董事會批准的更新增長策略相吻合
Updated strategy targets over 40% growth in EBITDA by 2029 and includes $15 billion CAPEX
更新的策略旨在到2029年實現超過40%的EBITDA增長，幷包括150億美元的CAPEX
ABU DHABI, UAE, Nov. 11, 2024 /PRNewswire/ -- ADNOC Gas plc and its subsidiaries (together referred to as 'ADNOC Gas' or the 'Company') (ADX symbol: ADNOCGAS) (ISIN: AEE01195A234), a world-class integrated gas processing company, today announced strong earnings for the third quarter of 2024, with net income increasing 11% year-on-year (YoY) to $1.24 billion, beating Bloomberg consensus for the quarter.
2024年第三季度，阿聯酋阿布扎比，ADNOC Gas股份有限公司及其子公司（統稱'ADNOC Gas'或'該公司'）（ADX標的: ADNOCGAS）（ISIN: AEE01195A234），一家世界一流的綜合天然氣加工公司，今天宣佈了2024年第三季度強勁的收益，淨利潤同比增長11%至12.4億美元，超出彭博共識對該季度的預期
The announcement of the company's Q3 results coincides with ADNOC Gas' Board of Directors approval of an updated growth strategy, that targets an increase of over 40% in EBITDA by 2029 and sets capital expenditure (CAPEX) of up to $15 billion for the period 2025-2029.
公司Q3成果的公告與ADNOC Gas董事會批准的更新增長策略相吻合，該策略旨在到2029年使EBITDA增長超過40%，並設定2025-2029年的CAPEX不超過150億美元
Dr. Ahmed Alebri, Chief Executive Officer of ADNOC Gas, said: "Our Q3 results are a testament to our robust performance while our updated strategy supports future proofing our business, aiming for over 40% EBITDA growth by 2029. We're committed to delivering exceptional shareholder value with our ambitious growth plans and an expected 5% annual dividend increase.
ADNOC Gas首席執行官Ahmed Alebri博士表示: "我們的Q3成果證明了我們的良好表現，更新的戰略支持未來的業務自我保護，旨在到2029年實現超過40%的EBITDA增長。我們致力於通過雄心勃勃的增長計劃和預計每年5%的股息增長來提供卓越的股東價值。"
By advancing our projects and optimizing our existing assets, we will continue to support the UAE's industrial diversification while delivering more gas to our domestic customers through our expanding infrastructure."
通過推進我們的項目並優化我們現有的資產，我們將繼續支持阿聯酋的產業多元化，同時通過擴展我們的基礎設施向國內客戶提供更多燃料幣。
"Additionally, through our decarbonization initiatives, we will help meet rising global demand for lower-carbon natural gas, positioning ADNOC Gas as a leader in the sustainable global gas industry," Dr. Alebri added.
Alebri博士補充道：“此外，通過我們的減碳倡議，我們將有助於滿足不斷增長的全球對低碳天然氣的需求，在可持續全球燃料幣行業中將ADNOC Gas定位爲領導者。
Q3 Results
第三季度業績
ADNOC Gas' Q3 revenues rose to $6.281 billion, up 8% YoY, exceeding $6 billion for the fourth quarter in a row. The results are driven by higher sales volumes and an improved price environment for export-traded liquids. EBITDA increased 18% YoY to $2.205 billion, yielding a continually robust 35% EBITDA margin. Free cash flow was $1.184 billion.
ADNOC Gas的第三季度營收增至62.81億美元，同比增長8%，連續第四個季度超過60億美元。這一成果得益於更高的銷售量和出口交易液體價格環境的改善。EBITDA同比增長18%至22.05億美元，維持穩健的35% EBITDA保持率。自由現金流爲11.84億美元。
In the first nine months of 2024, net income increased 18% YoY to $3.62 billion. This is attributable to volumes of export traded liquids and LNG increasing 6.5%, sales gas rising by 4.5% YoY, and domestic gas growth of 3.5%. The nine-month results were improved further by better LPG and LNG pricing. This resulted in EBITDA for the first nine months of the year of $6.37 billion, an 18% increase YoY.
2024年前九個月，淨利潤同比增長18%至36.2億美元。這歸因於出口交易液體和液化天然氣量增長6.5%，銷售燃氣同比增長4.5%，國內燃氣增長3.5%。前九個月的業績得到更好的液化石油氣和液化天然氣價格進一步提升。這導致該年前九個月的EBITDA爲63.7億美元，同比增長18%。
Strategy Update
策略更新
In the UAE, the annual growth in gas demand to 2030 is expected to be 6%, versus an expected 2% at the time of the IPO. This strong increase in demand will be driven by higher economic activity, population growth and industrial expansion, underpinned by AI data centers and the food industry.
預計到2030年，阿聯酋對燃料幣需求的年增長率預計爲6%，而在IPO時預計爲2%。這種巨大需求增長將得益於更高的經濟活動、人口增長和產業擴張，受人工智能數據中心和食品行業支撐。
To participate in this new demand growth, ADNOC Gas plans to increase Capex from $13 to $15 billion (2025-2029), which will fuel over 40% growth in EBITDA by 2029.
爲了參與這一新需求增長，ADNOC Gas計劃將2025-2029年的資本支出從130億美元增加到150億美元，到2029年將推動EBITDA增長超過40%。
All ADNOC Gas projects are subject to rigorous capital discipline, which has resulted in the transfer of the ESTIDAMA pipeline network project and funding of the Habshan CO2 Recovery project to the ADNOC Group. Both projects will continue to be managed and operated by ADNOC Gas. Meanwhile, the LNG 2.0 project, the rejuvenation and extension work for Das Island, has been cancelled.
All ADNOC Gas projects are subject to rigorous capital discipline, which has resulted in the transfer of the ESTIDAMA pipeline network project and funding of the Habshan CO2 Recovery project to the ADNOC Group. Both projects will continue to be managed and operated by ADNOC Gas. Meanwhile, the LNG 2.0 project, the rejuvenation and extension work for Das Island, has been cancelled.
ADNOC Gas' major focus until 2029 will be on the development and delivery of three large projects under construction (post-final investment decision (FID). These are the Maximization of Ethane Recovery and Monetization (MERAM) project, which will deliver up to 3.4 million tonnes per annum (mtpa) of ethane and NGL production capacity; the IGD-E2 project, which will have a gas processing capacity of 370 million standard cubic feet per day (mscfd); and Ruwais LNG, which will have the capacity to produce up to 9.6 mtpa of LNG.
ADNOC Gas' major focus until 2029 will be on the development and delivery of three large projects under construction (post-final investment decision (FID). These are the Maximization of Ethane Recovery and Monetization (MERAM) project, which will deliver up to 340萬 tonnes per annum (mtpa) of ethane and NGL production capacity; the IGD-E2 project, which will have a gas processing capacity of 37000萬 standard cubic feet per day (mscfd); and Ruwais LNG, which will have the capacity to produce up to 9.6 mtpa of LNG.
The updated growth strategy also advances the design and concept study of large-scale pre-FID projects to accommodate a significant increase in the company's gas processing capabilities as ADNOC expands its upstream production capacity, as well as the Bab Gas Cap project, which are expected to be completed after 2029.
The updated growth strategy also advances the design and concept study of large-scale pre-FID projects to accommodate a significant increase in the company's gas processing capabilities as ADNOC expands its upstream production capacity, as well as the Bab Gas Cap project, which are expected to be completed after 2029.
|
$ Million |
Q323 |
Q2 24 |
Q3 24 |
YoY % |
QoQ % |
|
Revenue |
5,807 |
6,076 |
6,281 |
8 % |
3 % |
|
COGS |
-3,466 |
-3,480 |
-3,581 |
3 % |
3 % |
|
Opex |
-479 |
-510 |
-495 |
3 % |
-3 % |
|
EBITDA |
1,863 |
2,086 |
2,205 |
18 % |
6 % |
|
Net Income |
1,116 |
1,190 |
1,243 |
11 % |
4 % |
|
EBITDA Margin |
32 % |
34 % |
35 % |
303 bps |
77 bps |
|
Net Income Margin |
19 % |
20 % |
20 % |
59 bps |
21 bps |
|
Free Cash Flow |
1,308 |
1,002 |
1,184 |
-9 % |
18 % |
|
$ million |
Q323 |
二季度24 |
Q3 24 |
同比百分比 |
環比百分比 |
|
營業收入 |
5,807 |
6,076 |
6,281 |
8 % |
3 % |
|
COGS |
-3,466 |
-3,480 |
-3,581 |
3 % |
3 % |
|
Opex |
-479 |
-510 |
-495 |
3 % |
-3% |
|
EBITDA |
1,863 |
2,086 |
2,205 |
18 % |
6% |
|
Net Income |
1,116 |
1,190 |
1,243 |
11% |
4% |
|
EBITDA利潤率 |
32% |
34% |
35 % |
303 bps |
77 個點子 |
|
淨利潤率 |
19 % |
20 % |
20 % |
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
21個基本點 |
|
自由現金流 |
1,308 |
1,002 |
1,184 |
-9% |
18 % |
Link to Strategy Microsite
鏈接到策略微站點
About ADNOC Gas
關於ADNOC燃料幣
*ADNOC Gas which refers to ADNOC Gas Plc and its subsidiaries (ADX: ADNOCGAS), listed on the ADX (ADX symbol: "ADNOCGAS" / ISIN: "AEE01195A234"), is a world-class, large-scale integrated gas processing company. We operate across the gas value chain, from receipt of 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 twenty countries. To find out more, visit:
*ADNOC燃料幣指的是ADNOC燃料幣股份有限公司及其子公司（ADX：ADNOCGAS），在阿布扎比證券交易所上市（ADX符號：「ADNOCGAS」 / ISIN：「AEE01195A234」），是一家世界一流的大型綜合氣體加工公司。我們在氣體價值鏈上運營，從ADNOC收到原料（通過大型、長壽命的氣體加工和分餾操作）到向國內和國際客戶銷售產品。ADNOC燃料幣爲阿聯酋約60%的銷售氣體需求提供供應，並向20多個國家的最終客戶提供供應。了解更多，請訪問:
For investor inquiries, please contact:
Christian Audi
Vice President, Investor Relations
+971 (2) 6037366
[email protected]
投資者如有疑問，請聯繫：
克里斯蒂安·奧迪
投資者關係副總裁
+971 (2) 6037366
[email protected]
For media inquiries, please contact:
Colin Joyce
Vice President, Corporate Communications
+971 (2) 6037444
[email protected]
媒體如有疑問，請聯繫：
Colin Joyce
企業通信副總裁
+971 (2) 6037444
[email protected]
Photo:
Logo:
照片：
徽標:
SOURCE ADNOC Gas
來源 ADNOC 天然氣
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