Abu Dhabi blue-chips e&, Fertiglobe rewarding shareholders handsomely for 2022 performances
ADNOC JV company will release another $700m to shareholders as H2-22 dividend
Dubai: Abu Dhabi heavyweights and ADX-listed e& and the ADNOC joint venture Fertiglobe have done their bit for shareholders, announcing immediate payouts of sizeable dividends. For shareholders in the former, their take will be Dh0.8 for 2022 after the e& board cleared a Dh0.4 a share proposal for H2-2022.
Fertiglobe's dividend yield for 2022 comes to 15 per cent, and easily the highest by a listed UAE company for the period. DEWA comes next with 9 per cent.
“The exceptional financial results achieved by e&, with consolidated revenues of Dh52.4 billion and a record net profit of Dh10 billion in 2022, is a strong testament to the success of our business transformation strategy,” said Jassem Mohamed Bu Ataba Alzaabi, Chairman of e&.
“Our strong performance reflects our excellent financial position, successful business strategy, ambitious goals, and shareholders’ confidence in our future.”
And shareholders have been promised more growth – and by extension handsome dividends to go along with it. “As we enter the next chapter of our journey, we are confident that we will continue to witness even greater success as we continue to create an environment with limitless possibilities built on solid foundations, smart connectivity, and fruitful collaborative opportunities,” said Alzaabi.
Part of that gameplan was visible earlier this week, with e& committing $400 million to acquire a stake in Careem Super App, the multi-purpose platform built around the original ride-hailing services.
The Group’s transformation aims at positioning e& at the forefront of the rapidly changing technology landscape. It symbolizes our desire to stay ahead of the ever-changing market, provide innovative solutions to our customers, and show our determination to adapt and thrive
Fertiglobe’s $1.45b reward
Fertiglobe is rewarding shareholders to the tune of $1.45 billion, after confirming an H2-2022 dividend of $700 million. (The second-half dividend works out to 31 fils a share.)
“Since listing on the ADX in 2021, the company has delivered robust performance and embarked on vital initiatives to drive the energy transition and low-carbon economy,” said Dr. Sultan Ahmed Al Jaber, Chairman of the entity in which ADNOC shares ownership with OCI Global.
“Fertiglobe is well positioned to create sustainable value, making meaningful progress on its ambitions as it capitalizes on a powerful and strategically located operating platform, world-scale assets and unique commercial and logistics capabilities.”
For the $700 million payment, the date shareholders need to keep in mind is April 21.
Fertiglobe is well positioned to create sustainable value, making meaningful progress on its ambitions as it capitalizes on a powerful and strategically located operating platform, world-scale assets and unique commercial and logistics capabilities
Fertiglobe’s dividends for 2022 were backed by a 'solid financial performance', and backed up by 'strong free cash flow conversion capacity'. The net cash position was $287 million as of December 31, 2022 against net debt of $487 million a year before, thus 'supporting attractive returns to shareholders as well as future growth opportunities'.
Fertiglobe is the world’s largest seaborne exporter of urea and ammonia combined, and an early mover in 'sustainable ammonia'. The consolidated production capacity comes to 6.6 million tons of urea and merchant ammonia per annum, produced at four operational bases in the UAE, Egypt and Algeria. This makes Fertiglobe the largest producer of nitrogen fertilizers in the Middle East and North Africa.