Monday, October 9, 2023 – 9:25 p.m
Abu Dhabi, 9 October / WAM / ADNOC Logistics and Services PLC announced today that its Board of Directors has approved the distribution of interim cash dividends of 239 million UAE dirhams (65 million US dollars) for the second quarter of 2023, equivalent to 3.2 million dirhams. A penny per share.
Interim dividends will be distributed to shareholders who own shares in the company on the registration date of October 19, 2023. The company is expected to distribute the final dividends for the second half of 2023 in the second quarter of 2024. The company indicated upon its listing that it will distribute dividends worth 477 million UAE dirhams (130 million dirhams). Million US dollars) for the second half of 2023.
Captain Abdul Karim Al Musabi, CEO of ADNOC Logistics and Services, said that ADNOC Logistics and Services’ distribution of the planned interim cash dividends reflects its strong performance in the first half of the year, and also confirms our firm commitment to providing remunerative value to our shareholders. We enjoy strong cash liquidity. We have a stable cash position, which gives us the ability to meet our ongoing operational requirements. We also seek to move forward in investing in long-term growth opportunities that contribute to enhancing the value of our business. In the future, we will continue to focus on implementing our smart growth strategy, which aims to expand our geographical reach, explore new revenue sources, and enhance the value provided to our shareholders.”
From the fiscal year 2024 onwards, ADNOC Logistics and Services expects the annual dividend per share to rise on a gradual basis by no less than 5% annually in the medium term, while continuing to review its policy to take advantage of growth opportunities that generate cumulative value. The company intends to distribute profits on a semi-annual basis, whereby an initial payment will be distributed for the results of the first half in the fourth quarter of the same year, and the second payment will be distributed after the results of the second half in the second quarter of the following calendar year.
ADNOC Logistics and Services continues to develop its strategy for growth and expansion into new business sectors, diversifying revenue sources, and continuing to expand its marine fleet. In the second quarter of 2023, the company was awarded an engineering, procurement and construction (EPC) services contract from ADNOC Marine Company worth AED 3,581 million (US$ 975 million) to build an artificial island. It also continues to implement its strategic plan to expand its fleet, as it received three new oil tankers, owned six self-elevating and moving marine support platforms, and added two operating platforms to its fleet this year.
The company’s shares are traded on the Abu Dhabi Securities Market under the symbol “ADNOCLS” and the international identification number “AEE01268A239”.
Zakaria Mohieddin/Ahmed Al Nuaimi
2023-10-09 17:27:32
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