ADNOC Gas plc

The Board of Directors of ADNOC Gas Plc held a meeting on Monday, 6 May 2024, via video conference. During the meeting, they approved the company's financial statements for the first quarter of the current financial year 2024. The Board also discussed recent developments related to the company's activities and projects. The information was shared by the company's CEO, Dr. Ahmed Mohamed Alebri.

The Board of Directors of ADNOC Gas Plc is scheduled to hold a meeting via video conference on Monday, 6 May 2024 at 3 p.m. The agenda includes the consideration and approval of the company's financial statements for the first quarter of the current financial year 2024, and discussions on general matters related to the company's activities and projects. This information was disclosed by Dr. Ahmed Mohamed Alebri, the Chief Executive Officer of ADNOC Gas Plc.

The Annual General Assembly Meeting of ADNOC GAS PLC took place on 29 March 2024, both in person and virtually, and was chaired by H.E. Dr. Sultan Al Jaber. The quorum was 91.22% of the total attendance. The assembly approved the Board of Directors’ report, the external auditor’s report, the standalone and consolidated audited financial statements for the financial year ended on 31 December 2023. The assembly also approved a cash dividend distribution of USD 1,625,102,948 for the second half of the financial year and a total cash dividend of USD 3,250,205,896 for the year. The assembly approved a remuneration of AED 19.04 million for the Board of Directors and discharged them and the external auditors from liability for their activities in 2023. Deloitte & Touche Middle East was appointed as the external auditor for the financial year 2024 with a remuneration of USD 963,000 plus any applicable VAT.

ADNOC Gas shareholders have approved a $3.25 billion dividend for 2023, with a final cash dividend of $1.625 billion to be paid in Q2 2024. The company plans to increase its dividend by 5% annually for the next four years, reflecting the strength and predictability of its future revenues. Growth prospects for the company are supported by assured feedstock growth from ADNOC, the planned acquisition of the Ruwais LNG mega project, and strong domestic and global demand for natural gas. Over the next five years, ADNOC Gas plans to invest over $13 billion in domestic and international growth opportunities, expecting to boost its EBITDA by up to 40%. The company also plans significant investments, including $4.9 billion in contracts awarded in 2023, to drive future growth with a focus on decarbonization, digital transformation, and AI-driven technological innovation.

The Annual General Assembly Meeting of ADNOC GAS PLC took place on 29 March 2024 at the Abu Dhabi Energy Center and virtually. Chaired by Dr. Sultan Al Jaber, the meeting had a quorum of 91.22%. The assembly approved the Board of Directors' report on the company's activities and financial position for 2023, the external auditor's report, the standalone and consolidated audited financial statements for 2023, and a cash dividend distribution of USD 1,625,102,948 for the second half of 2023. The remuneration for the Board of Directors was set at AED 19.04 million, and the board members and external auditors were discharged from liability for their 2023 activities. Deloitte & Touche Middle East was appointed as the external auditor for 2024 with a remuneration of USD 963,000 plus applicable VAT.

The Board of Directors of ADNOC Gas Plc passed a written resolution on 6 March 2024, approving the company's consolidated audited annual financial statements for the financial year ended 31 December 2023. The resolution was circulated at 6 p.m. UAE time. The information was shared by Dr. Ahmed Mohamed Alebri, the Chief Executive Officer of ADNOC Gas Plc, with the Abu Dhabi Securities Exchange and the Securities and Commodities Authority.