Abu Dhabi – Mubasher: The board of ADNOC Logistics & Services (ADNOC L&S) approved the distribution of a cash dividend of $136.5 million (AED 501.30 million) for the first half (H1) of 2024.
ADNOC L&S will disburse a dividend of 6.78 fils per share, according to a press release.
In line with its approved dividend policy, the company intends to distribute a total dividend amount of $273 million (AED1 billion) for the full year, marking a 5% increase on the 2023 annualised dividend.
The H1-24 dividend will be paid 30 days from the board’s approval on 7 October 2024, while the record date was set as of 17 October 2024.
Abdulkareem Al Masabi, CEO of ADNOC L&S, said: "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,” Al Masabi continued.
The dividend aligns with the previously announced board-approved dividend policy, which sets a progressive annual dividend increase per share of at least 5% annually over the medium term.
The process will be implemented by using the 2023 annualised dividend ($260 million / AED 955 million) as the baseline.
As of 30 June 2024, ADNOC L&S registered net profits valued at $401 million, an annual growth of 31% from $307 million.
