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ADNOC Logistics and Services (ADNOC L&S) has approved a cash dividend of 501.3 million UAE dirhams ($136.5 million) for the first half of 2024 for its shareholders, equivalent to 6.78 fils per share.
The Abu Dhabi energy maritime and logistics firm further disclosed it intends to distribute a total dividend amount of $273 million for the full year, a 5% increase on the 2023 annualised dividend, according to a disclosure on the Abu Dhabi Securities Exchange (ADX).
The H1 2024 dividend will be paid to shareholders on the record date of 17 October 2024.
Abdulkareem Al Masabi, CEO of ADNOC L&S, said the cash dividend reflected the company’s strong cash position and balance sheet.
“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,” he added.
In August, ADNOC L&S posted a Q2 2024 net profit of $208 million, 7% higher year-on-year (YoY) driven by growth in all its business segments - integrated logistics, shipping, and marine services. Revenue for Q2 2024 was $899 million, up 42% YoY.
(Writing by Bindu Rai, editing by Seban Scaria)
