ADNOC L&S to Distribute H1 2024 Cash Dividend of $136.5 Million (AED501.3 Million), Equivalent to 6.78 Fils Per Share
Total anticipated dividend amount of $273 million for 2024
Record date for the interim dividend will be 17 October 2024
Company remains committed to delivering attractive returns to its shareholders
Abu Dhabi, UAE – October 8, 2024: ADNOC Logistics and Services plc (“ADNOC L&S”, or “the Company”) (ADX symbol ADNOCLS / ISIN AEE01268A239), 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 (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 annualized 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 17 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 annualized dividend ($260 million / AED955 million) as the baseline. The Company intends to pay dividends on a semi-annual basis, with an initial payment for its first-half results paid out in the fourth quarter of that year, and a second payment following its second-half results paid out in the second quarter of the following calendar year.
ADNOC L&S continues to see significant growth across all three of its business segments: Integrated Logistics, Shipping and Marine Services. Since the start of 2024, ADNOC L&S has announced the commissioning of eight to 10 LNG Carriers (LNGC), two to four Very Large Ammonia Carriers (VLACs), and nine Very Large Ethane Carriers (VLECs), and has announced the ongoing acquisition of Navig8(1). With these milestones, ADNOC L&S has increased its global footprint, capabilities, services and market-leading energy-efficient fleet.
(1)Subject to regularity approvals.
Key dates:
| Board of Directors Approval | 07 October 2024 |
| Last Entitlement Date (last day to purchase) | 15 October 2024 |
| Record Date | 17 October 2024 |
| Dividend Payment | 30 days from Board of Directors’ approval |
Note to Editors
USD ($) to AED conversion rate: 3.6725. The AED amount payable will reflect the applicable USD: AED exchange rate on the dividend declaration date.
About ADNOC Logistics & Services
ADNOC Logistics & Services Plc, listed on the Abu Dhabi Securities Exchange (ADX symbol ADNOCLS / ISIN AEE01268A239) is a global energy maritime logistics company based in Abu Dhabi. Through its three business units, integrated logistics, shipping and marine services, ADNOC L&S delivers energy products to more than 100 customers in over 50 countries.
To find out more, visit: www.adnocls.ae
For media enquiries, please contact media@adnocls.ae
For investors enquiries, please contact: IR@adnocls.ae
