ADNOC Logistics & Services sets October 17 as record date for H1-2024 dividend
ADNOC backed listed entities have come up with solid interim payouts for H1-24
Dubai: Shareholders in ADNOC Logistics & Services as of October 17 will be eligible to partake in the Dh501.3 million H1-2024 dividend payout, which is 6.78 fils a share.
The company thus sets itself up to distribute Dh1.002 billion for the full year, which is a 5% increase on its 2023 payment.
Coming on top of H1-24 dividends announced by Fertiglobe (6.6 fils a share) and ADNOC Distribution (10.285 fils a share), it all adds up to a neat offtake for shareholders in listed ADNOC entities.
The ADNOC L&S dividend policy allows for an annual increase of 'at least' 5% per annum over the medium term, using the 2023 annualized dividend of Dh955 million as the baseline.
ADNOC L&S says it continues to see 'significant growth' across its three business segments - integrated logistics, shipping and marine services. So far this year, it announced the commissioning of eight to 10 LNG Carriers, two to four very large ammonia carriers (VLACs), and nine very large ethane carriers (VLECs). It also announced the - ongoing - acquisition of Navig8, the shipping management services company. (The deal for an 80% stake is valued at just over $1 billion.)
"With these milestones, ADNOC L&S has increased its global footprint, capabilities, services and market-leading energy-efficient fleet," the company said in a statement.
According to Capt. Abdulkareem Al Masabi, CEO, "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.”