ADNOC Logistics and Services (ADNOC L&S), a global energy maritime logistics leader, today announced that its board of directors approved the distribution of a cash dividend of $136.5 million (AED501.3 million) for the first half of 2024, equivalent to 6.78 fils per share.
The company said that it aims to distribute a total dividend amount of $273 million (AED1,002.6 million) for the full year, a 5 percent increase from last year’s dividend, in line with its approved dividend policy.
Dividend payment due in Q4 2024
The company also announced that it will pay the H1 dividend to shareholders who own ADNOC L&S shares on the record date of October 17, 2024.
The H1 of 2024 dividend falls in line with the board’s dividend policy, which sets a progressive annual dividend increase per share of at least 5 percent per annum over the medium-term.
The company seeks to pay dividends on a semi-annual basis. The initial payment for its first-half results will take place during the fourth quarter of 2024 while the second payment will take place during the second quarter of 2025.
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ADNOC L&S advances growth strategy
“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,” stated Captain Abdulkareem Al Masabi, CEO of ADNOC L&S.
Al Masabi added that the company continues to make significant progress in its transformational growth strategy through strategic investments. In addition, it remains focused on delivering value to shareholders and stakeholders.
ADNOC L&S continues to see significant growth across all three of its business segments: Integrated Logistics, Shipping, and Marine Services. Since the beginning of the year, the company has announced the commissioning of eight to 10 LNG carriers and the ongoing acquisition of Navig8.
With these milestones, ADNOC L&S has increased its global footprint, capabilities, services, and market-leading energy-efficient fleet.
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