ADNOC L&S to distribute $136.5 million dividend

File picture

ADNOC Logistics and Services plc has announced it will distribute a cash dividend of $136.5 million (AED501.3 million) for the first half (H1) of 2024, the equivalent to 6.78 fils per share.

The company intends to distribute a total dividend amount of $273 million (AED1,002.6 million) for the full year, a five per cent increase on the 2023 annualised dividend, in line with its approved dividend policy.

The H1 2024 dividend will be paid to shareholders who own ADNOC L&S shares on the record date of October 17, 2024.

CEO of ADNOC L&S, Captain Abdulkareem Al Masabi, said, "We are pleased to announce the H1, 2024 cash dividend, reflecting our strong cash position and balance sheet. We remain committed to shareholder returns through value-accretive growth and the distribution of dividends. ADNOC L&S continues to make significant progress in its transformational growth strategy through strategic investments, while remaining focused on delivering value to our shareholders and stakeholders.”

The dividend is in line with the previously announced Board-approved dividend policy, which sets a progressive annual dividend increase per share of at least five per cent per annum over the medium term, using the 2023 annualised dividend ($260 million / AED955 million) as the baseline.

ADNOC L&S intends to pay dividends on a semi-annual basis, with an initial payment for its first-half results paid out in the fourth quarter of that year, and a second payment following its second-half results paid out in the second quarter of the following calendar year.

ADNOC L&S continues to see significant growth across all three of its business segments: Integrated Logistics, Shipping and Marine Services.

Since the start of 2024, the company has announced the commissioning of eight to 10 LNG Carriers (LNGC), two to four Very Large Ammonia Carriers (VLACs), and nine Very Large Ethane Carriers (VLECs), and has announced the ongoing acquisition of Navig8(1).

Subsequently ADNOC L&S has increased its global footprint, capabilities, services and market-leading energy-efficient fleet.

More from Business

  • Talabat announces plans for IPO on Dubai Financial Market

    Talabat Holding plc, the on-demand food and grocery delivery service, has revealed its intention to proceed with an initial public offering (IPO) and list its shares on the Dubai Financial Market (DFM).

  • UAE records significant growth in IP registrations

    The Ministry of Economy has announced a notable growth in intellectual property (IP) registrations in the UAE during the first nine months of 2024, highlighting the success of national efforts to foster an innovation-friendly environment.

  • Dubai's GDP up 3.3% in Q2, 2024

    Dubai's GDP rose 3.3% in Q2 2024, to reach AED116 billion, and 3.2% in H1 2024, to touch AED231 billion, according to His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister of the UAE, Minister of Defence, and Chairman of the Executive Council.

  • AD Ports and Pakistan to collaborate in trade, logistics sectors

    AD Ports Group has signed four Memorandums of Understanding (MoUs) with the Government of Pakistan to explore upgrading the nation’s maritime, rail, airport, customs and logistics infrastructure.

  • ADNOC awards manufacturing contracts worth $196.2M

    ADNOC has awarded contracts valued at AED 720 million ($196.2 million) to 11 companies for local manufacturing of a wide range of product across the value chain.