Al Ramz Capital has announced its appointment as a liquidity provider for ADNOC Drilling, after obtaining the necessary approvals from regulatory authorities.
According to a disclosure to the Abu Dhabi Securities Exchange issued today, Wednesday, Al Ramz Capital will independently trade ADNOC Drilling shares within specific criteria and controls in accordance with regulatory requirements, starting tomorrow, Thursday, July 18, 2024.
Shareholders of ADNOC Drilling, listed on the Abu Dhabi Securities Exchange, recently approved a new progressive dividend policy with an annual increase of at least 10 percent in the dividend distribution ratio per share for the next five years from 2024 to 2028.
The new policy is expected to achieve a cumulative return of more than 27 percent as a minimum over a five-year period, according to the company’s statement.
ADNOC Drilling is committed to delivering returns to its shareholders and approving dividends of no less than AED 17.6 billion over the next five years.
ADNOC Drilling's profits rose 26 percent year-on-year in the first quarter of this year.
The company achieved a profit in the first quarter of 2024 of AED 1,009 million, compared to AED 803 million in the corresponding period of 2023.
