阿布扎比国家石油天然气：强劲的盈利能力；良好的2025财年利润率指引；更高的资本支出

Core Insights - ADNOC Gas is expected to report strong Q4 2024 results, driven by robust profitability in domestic gas and LNG segments, with adjusted net income around $1.381 billion, exceeding consensus expectations [1] - The company anticipates a FY 2025 EBITDA margin of approximately 35%, consistent with the previous year, and total sales projected between 34.6 to 38.56 trillion BTU, reflecting a year-over-year change of -4% to +7% [2][3] Financial Performance - For Q4 2024, ADNOC Gas reported revenues of approximately $6.301 billion, surpassing market consensus of $4.721 billion, with an EBITDA margin of 35% [4][5] - The net income for Q4 2024 was $1.381 billion, compared to $1.345 billion in Q3 2024, indicating a 3% year-over-year increase [5] Capital Expenditure - The company plans to increase capital expenditures for FY 2025 to $3 to $3.5 billion, representing a year-over-year growth of 63% to 91% [3] - ADNOC Gas has outlined a total capital expenditure plan of up to $15 billion for the period from 2025 to 2029, including significant projects like the acquisition of a 60% stake in the Ruwais LNG project [3] Dividend Policy - ADNOC Gas has reaffirmed its dividend policy, projecting a 5% annual increase in dividends over the medium term [4]