Abu Dhabi: Muhannad Dagher
The profits of 6 companies affiliated with, or owned, partially or wholly, by the Abu Dhabi National Oil Company (ADNOC), listed on the Abu Dhabi Stock Exchange, jumped 23.9%, from 7.1 billion dirhams during the fourth quarter of 2022, to 8.82 billion in the same period of 2023, and these include The companies “ADNOC Distribution”, “ADNOC Drilling”, “ADNOC Gas”, “ADNOC Logistics”, “Borouge”, and “Virtglobe”, whose profits fell by 45% to reach 346.8 million, compared to 630.87 million, in the quarter. Last 2022.
In the entire year of 2023, the combined profits of the six companies fell by 8.8% to 30.89 billion in 2023, compared to 33.88 billion in 2022.
The companies’ combined distributions amounted to 24.3 billion for the entire year ending on December 31, 2023, and of these distributions, ADNOC’s share reached about 18.7 billion.
“ADNOC Gas”
ADNOC Gas announced recording profits for the fourth quarter of about 4.93 billion, compared to 3.97 billion achieved in the corresponding period of 2022, a growth of 24%.
In terms of the entire year, the company’s net profits decreased by 1.61% to reach 17.32 billion, compared to 17.6 billion in 2022.
The company distributed a total cash dividend for the fiscal year ending on December 31, 2023, amounting to 11.9 billion, equivalent to 15.55 fils per share, noting that the company was listed on the Abu Dhabi Market on March 13, 2023.
ADNOC owns 90% of ADNOC Gas.
“ADNOC Drilling”
ADNOC Drilling recorded a net profit of 1.2 billion during the last quarter of 2023, compared to a net profit of 857.69 million in the corresponding period of 2022, a growth of 40.82%.
ADNOC Drilling’s net profits during 2023 jumped 28.8% to reach 3.79 billion, compared to 2.94 billion in the previous year.
ADNOC Drilling’s dividends amounted to 2.63 billion, equivalent to 16.44 fils per share, for the year ending December 31, 2023, and based on the company’s progressive dividend policy, which reflects its strong cash flows, it is expected that annual dividends will increase by at least 5% annually, per share. During the years (2023-2026).
ADNOC owns 84% of ADNOC Drilling.
«ADNOC Distribution»
ADNOC Distribution’s net profits jumped 61.26% in the fourth quarter of 2023 to reach 677.15 million, compared to a net profit of 419.9 million in the same period of the previous year.
The annual net profit reached 2.6 billion in 2023, compared to 2.7 billion achieved in 2022, a decline of 4%.
ADNOC Distribution’s distributions amounted to 2.57 billion for the entire year ending on December 31, 2023, equivalent to 20.57 fils per share.
ADNOC Distribution’s distributions for 2023 were in accordance with the new policy, compared to distributions equivalent to at least 75% of distributable profits according to the previous policy. ADNOC owns 76.9% of ADNOC Distribution.
“ADNOC Logistics”
ADNOC Logistics’ profits also jumped by 88.81% during the fourth quarter of 2023, reaching 605.92 million dirhams, compared to a net profit of 320.91 million dirhams in the corresponding period of 2022, noting that the company was listed on the Abu Dhabi market in early June 2023.
The company’s profits jumped by 137.8% to reach 2.27 billion dirhams in 2023, compared to 957.1 million dirhams in 2022.
The total distributions of ADNOC Logistics reached 715.7 million dirhams for the year ending December 31, 2023, equivalent to 9.65 fils per share.
ADNOC owns 85% of ADNOC Logistics.
“Brugge”
In the fourth quarter, Borouge PLC achieved a net profit of 1.047 billion dirhams, compared to 989.3 million dirhams recorded in the corresponding period of 2022, with a growth rate of 16.55%.
Borouge’s profits in 2023 fell by 29%, reaching 3.63 billion dirhams, compared to 5.11 billion dirhams in 2022.
Borouge’s total dividends amounted to 4.77 billion dirhams for the year ending December 31, 2023, equivalent to 15.88 fils per share.
ADNOC owns 54% in Borouge.
«Virtglobe»
On the other hand, Verglobe’s net profits during the last quarter of 2023 declined by 45% to reach 346.82 million dirhams, compared to 630.87 million dirhams achieved in the corresponding period of the previous year.
Verglobe’s net profits declined by 72% during 2023, reaching 1.28 billion dirhams, compared to 4.58 billion dirhams in the previous year.
Verglobe’s dividends for the year ending December 31, 2023 reached 1.74 billion dirhams, equivalent to 21 fils per share. ADNOC owns 36.2% of Verglobe.
Acquisition agreement
In late 2023, ADNOC announced an agreement under which it would acquire OCI’s entire stake in Vertiglobe, so that ADNOC would become the shareholder that owns the majority stake in Vertiglobe. After completing the deal, which amounts to 13.28 billion dirhams, its share would rise. “ADNOC” in “Vertiglob” to 86.2%.
In addition to the value paid, the agreement includes a “profit-earning mechanism” for the benefit of OCI for the fiscal year 2024 and fiscal year 2025, which is linked to the pricing of goods and the free cash flow performance of “Vertiglobe’s” business during this specific period.
2024-02-18 19:23:14
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