The Board of Directors of ADNOC Logistics & Services PLC has approved a cash dividend distribution of AED 501.3 million ($136.5 million) for the first half of 2024, equivalent to 6.78 fils per share.
The company indicated in a disclosure to the Abu Dhabi Securities Exchange today, Tuesday, that it intends to distribute total profits worth 1.002 billion dirhams ($273 million) for the entire fiscal year, an increase of 5% compared to the dividend distribution rate for 2023.
The company explained that the profits for the first half of 2024 will be distributed to shareholders who own shares in the company on the record date, which is October 17, 2024.
These profits are in line with the dividend policy approved by the Board of Directors, which aims to increase annual earnings per share on an incremental basis by no less than 5% annually over the medium term compared to the annual profits for 2023, which amounted to AED 955 million (USD 260 million).
The company intends to distribute profits on a semi-annual basis, with an initial payment for the first half results being distributed in the last quarter of the same year, and the second payment being distributed after the second half results in the second quarter of the following calendar year.
ADNOC L&S continues to achieve significant growth across its core business segments: integrated logistics, shipping and marine services.
Since the beginning of 2024, the company has signed contracts to build between 8 and 10 LNG carriers, between two and four giant ammonia carriers, and nine giant ethane carriers, and the company also announced its acquisition of Navig 8.
