Abu Dhabi: ADNOC Logistics & Services Plc (ADNOC L&S) marked a significant milestone yesterday with its first Annual General Assembly Meeting (AGM) since its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX) in June 2023. The meeting saw shareholders' approval of the final 2023 dividend of $130 million (Dh477 million), a testament to their confidence in the company's financial performance. This dividend, equivalent to 6.45 fils per share, will be disbursed to shareholders who own ADNOC L&S shares on the record date of 9 May 2024.
Dr. Sultan Al Jaber, Chairman of ADNOC L&S, said: "The ADNOC L&S IPO last year was 163 times oversubscribed, making it the most in-demand IPO globally in 2023 at the time of listing and the second-largest IPO in the MENA region in 2023."
He added, "In its first year as a publicly listed entity, ADNOC L&S delivered exceptional financial results, including a 138 per cent year-on-year increase in net profit, a 41 per cent year-on-year increase in revenues and a 91 per cent appreciation in the share price between its listing in June and the end of the year, strongly exceeding the ADX, which grew 2 per cent over the same period."
ADNOC L&S delivered outstanding financial results, including a 138 per cent year-on-year increase in net profit to $620 million (Dh2,277 million) and a 41 per cent year-on-year increase in revenues to $2,755 million (Dh10,118 million).
ADNOC L&S is committed to rewarding its shareholders and potential investors. The company plans to increase dividends by a minimum of 5 per cent every year over the medium term, using the 2023 annualized dividend ($260 million, AED955 million) as a base. This dividend policy will be regularly reviewed to seize value-accretive growth opportunities. The company intends to distribute dividends semi-annually, with the first installment paid in the fourth quarter following first-half results, and the final payment made in the second quarter of the subsequent calendar year after second-half results.
