• Sat. Jun 15th, 2024

Adnoc Logistics & Services Approves $130 Million Dividend Amidst Strong Financial Performance


May 2, 2024 #Business

Shareholders of Adnoc Logistics & Services Plc (Adnoc L&S) have greenlit the final 2023 dividend, amounting to $130 million (Dh477 million), equivalent to 6.45 fils per share. The dividend, approved at the company’s Annual General Meeting, underscores Adnoc L&S’s commitment to delivering value to its investors amidst a period of exceptional financial growth.

Dr. Sultan Al Jaber, Chairman of Adnoc L&S, lauded the company’s stellar performance since its IPO, citing a remarkable 163-fold oversubscription and a 138 percent year-on-year increase in net profit. The company’s strategic investments, including acquisitions of new vessels and expansion into the Engineering, Procurement, and Construction market, have propelled its financial success and positioned it as a global leader in maritime logistics.

READ:ADNOC Group to Deploy Over 500 New Electric Vehicle Chargers Across the UAE

Captain Abdulkareem Al Masabi, CEO of Adnoc L&S, reaffirmed the company’s dedication to maximizing shareholder value while maintaining a robust dividend policy. Leveraging technological innovation, particularly AI-based solutions, Adnoc L&S aims to enhance operational efficiency and safety across its fleet. The company’s focus on sustainability aligns with Adnoc Group’s net-zero targets and the International Maritime Organization’s emissions reduction goals.

Adnoc L&S’s commitment to in-country value (ICV) is evident through partnerships with local firms and initiatives to support Emiratisation. With a workforce dedicated to maintaining the highest standards of operational excellence and safety, Adnoc L&S continues to uphold the UAE’s maritime legacy while driving innovation and sustainability in the industry.

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