ADNOC L&S Declares $136.5 Million Cash Dividend For H1 2024 To Shareholders

ADNOC Logistics and Services plc has declared a cash dividend of $136.5 million (Dh501.3 million) for the first half of 2024. This equates to 6.78 fils per share. The company plans to distribute a total of $273 million (Dh1,002.6 million) for the entire year, marking a 5% increase from the 2023 annualised dividend, in accordance with its established dividend policy.

The approved dividend policy outlines a progressive annual increase of at least 5% per share over the medium term, using the 2023 annualised dividend as a baseline. Dividends are paid semi-annually, with the first-half results disbursed in the fourth quarter and second-half results in the second quarter of the following year.

Shareholders on record as of 17th October 2024 will receive the H1 2024 dividend. Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, stated, "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 is making strides in its transformational growth strategy through strategic investments while focusing on delivering value to shareholders and stakeholders. The company has seen significant expansion across its business segments: Integrated Logistics, Shipping, and Marine Services.

Since early 2024, ADNOC L&S has commissioned eight to ten LNG Carriers (LNGC), two to four Very Large Ammonia Carriers (VLACs), and nine Very Large Ethane Carriers (VLECs). Additionally, it is acquiring Navig8(1), enhancing its global reach and energy-efficient fleet capabilities.

The company's commitment to growth is evident in these milestones, which have expanded its services and market-leading fleet. ADNOC L&S continues to focus on increasing its global footprint while maintaining a strong financial position for future endeavours.

ADNOC L&S's strategic initiatives are aligned with its goal of providing consistent shareholder returns through dividends and value-accretive growth. The company's ongoing efforts demonstrate its dedication to achieving long-term success while benefiting both shareholders and stakeholders alike.

With inputs from WAM