ADNOC L&S shareholders approve $273 million dividend in 2024
ADNOC Logistics & Services Plc (ADNOC L&S) announced shareholder approval of all agenda items at its Annual General Meeting, including a final dividend of $136.5 million (AED 501.3 million), bringing the 2024 full-year dividend to $273 million (AED 1,001 million).
The amount is a five per cent increase year-on-year, in line with ADNOC L&S' progressive dividend policy. The final dividend, equivalent to 6.78 fils per share, will be paid to shareholders on record as of April 3, 2025.
Chairman of ADNOC L&S, Dr. Sultan Al Jaber said, '2024 was a transformative year for ADNOC L&S, marked by accelerated global expansion, record financial performance, and bold strategic moves.
'We continued to strengthen our fleet and completed a pivotal $1 billion (AED 3.7 billion) acquisition of 80 per cent of Navig8, significantly enhancing our global reach and operational capabilities. Our strong performance in 2024 allowed us to deliver outstanding shareholder value, including a five percent increase in our full-year dividend, while advancing sustainability, innovation, and industry leadership.'
He added that ADNOC L&S is positioned for continued growth, driven by organic expansion, strategic acquisitions, and cutting-edge technology investments.
"With a growing fleet of next-generation vessels and a steadfast commitment to efficiency and sustainability, we remain focused on delivering ADNOC's energy to the world while contributing to the UAE's economic ambitions. The momentum we have built sets the stage for an even more exciting future,' Dr. Al Jaber stated.
ADNOC L&S delivered exceptional financial growth, driven by strong market demand, strategic acquisitions, and operational efficiency.
Revenue increased 29 per cent year-on-year to over $3.5 billion (AED 13 billion), while net profit rose 22 per cent to $756 million (AED2.7 billion).
EBITDA grew 31 per cent year-on-year, reflecting ADNOC L&S' ability to scale operations while maintaining profitability.
Since its 2023 IPO, the company's share price has increased by 178 per cent, significantly outperforming the ADX and strengthening investor trust in ADNOC L&S' long-term strategy.
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