ADNOC's Fertiglobe tops UAE charts on H1-2024 dividends, confirms Dh551m payout

Dubai: The ADNOC entity Fertiglobe will be paying $150 million - Dh551 million or 6.6 fils a share - as its interim dividend for first-half 2024. Shareholders have been set a record date of October 10.

This makes Fertiglobe as offering the highest dividend yield among UAE-listed companies for H1-24. Based on the H1-24 payout, the annualized dividend yield exceeds 5%. (In second place would be another ADNOC entity, ADNOC Drilling, according to market analysts.)

With the latest payout, Fertiglobe would have paid $2.42 billion in dividends since the October 2021 IPO.

The company, which is into fertilizers, had revenues of just over $1 billion in H1-24, delivering $378 million in EBITDA. (The Abu Dhabi entity is the 'world’s largest seaborne exporter of urea and ammonia combined'.)

"Fertiglobe’s robust balance sheet and effective cash flow management continue to enable the company to pursue selective value accretive growth opportunities balanced with shareholder returns," said a statement. 

The $2.42 billion since October 2021 represents 'one of the highest dividend yields and total return metrics in its sector'.

Ahmed El-Hoshy, CEO of Fertiglobe, said: “This dividend is supported by active value creation initiatives launched in 2024, as we continue to make significant progress on our key strategic objectives. Fertiglobe is entering a pivotal phase of growth, accelerating the development of a sustainable hydrogen value chain and expanding its global platform for ammonia and clean hydrogen solutions."