ADNOC Gas plc

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.

The Board of Directors of ADNOC Gas Plc will pass a written resolution on 6 March 2024 at 6pm (UAE time) to consider and approve the company's audited annual financial statements for the financial year ended 31 December 2023. The circular resolution will be signed electronically. This was communicated in a letter from Dr. Ahmed Mohamed Alebri, the Chief Executive Officer of ADNOC Gas Plc, to the Abu Dhabi Securities Exchange and the Securities and Commodities Authority.

ADNOC Gas has reported a 24% year-on-year increase in Q4 2023 net income to $1.35 billion, exceeding market expectations. The company's full-year performance was robust, with revenues of $22.7 billion and net income of $4.7 billion. The board confirmed a full-year dividend of $3.25 billion, after an interim cash dividend of $1.625 billion. The company's free cash flow for FY 2023 was $4.5 billion, exceeding the annual dividend by 37%. The strong financial performance was driven by volume growth and a positive pricing environment. Q4 2023 revenue increased by 7% year-on-year to $6,301 million, and processed volumes rose to 912 Trillion British Thermal Unit (TBTU).

ADNOC GAS PLC (AG), formerly known as ADNOC GAS LTD., was established on 8th December 2022. The company's paid-up, subscribed and authorized capital is USD 19,187,855 thousand each. The Chairman of the Board is H.E. Dr. Sultan Ahmed Al Jaber and the CEO is Dr. Ahmed Mohamed Alebri. The company's external auditor is Deloitte & Touche (M.E.) LLP. The company is based in Sheikh Khalifa Energy Complex 1, Khalifa Street, P.O. Box 665, Abu Dhabi, United Arab Emirates.

The text appears to be the cover page for ADNOC GAS plc's Q4 and full-year financial results for the year 2023. The document, dated February 12, 2024, includes a management discussion and analysis report.