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Adnoc Logistics and Services plc on Tuesday announced that its board of directors approved the distribution of a cash dividend of $136.5 million (AED501.3 million) for the first half (H1) of 2024, 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 5% 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 17th October 2024.
Captain Abdulkareem Al Masabi, CEO of Adnoc L&S, 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 5% per annum over the medium term, using the 2023 annualised dividend ($260 million / AED955 million) as the baseline.
The company 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, Adnoc L&S 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).
With these milestones, Adnoc L&S has increased its global footprint, capabilities, services and market-leading energy-efficient fleet.