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Gulf Today
10-03-2025
- Business
- Gulf Today
ADIB shareholders give nod to Dhs3.030 billion cash dividend
Abu Dhabi Islamic Bank (ADIB) shareholders, during the Annual General Assembly (AGM), discussed and approved all agenda items, including the election of Board of Directors for a new term and the distribution of a cash dividend of 83 fils per share or 83 per cent of capital, representing a total payout of Dhs3.030 billion equivalent to 50 per cent of 2024 net profit, marking an increase from 71 fils per share in 2023. In addition to approving the dividend payout, the AGM highlighted ADIB's strong business momentum, its outstanding performance in 2024, and its solid platform for future growth. ADIB reported a net profit before tax for 2024 of Dhs6.9 billion, marking a 26 per cent increase from last year. The strong balance sheet growth, coupled with increased business momentum and diversified revenue growth, has fuelled the bank's exceptional financial performance. Net profit after tax for 2024 stood at Dhs6.1 billion, reflecting a 16 per cent increase compared to the full year 2023. During the meeting, shareholders elected the Board of directors and approved the board of directors' report, the auditors' report and the financial statements for the year 2024. Serving a three-year term, the elected Board of Directors comprises: Jawaan Awaidha Al Khaili, Dr. Faisal Sultan Al-Shuaibi, Khalifa Matar Al-Mheiri, Abdulla Ali Musleh Al Ahbabi, Najib Youssef Fayyad, Abdul Wahab Al-Halabi, and Maha Al Qattan. Commenting on the bank's performance in the annual report, Jawaan Awaidha Suhail Al Khaili, ADIB's Chairman, said, 'We thank our shareholders for their trust and for electing the board of directors which includes some of the most prominent leaders in business, strategy, and the financial and banking services. ADIB achieved exceptional results in 2024 with net profit before tax reaching Dhs6.9 billion. This notable increase in profitability, coupled with our robust capital position, has enabled the Board to propose an enhanced dividend payout of 83 fils per share. Additionally, the record return on equity of 28 per cent reflects the healthy and resilient local economy coupled with our focus on delivering transformational initiatives that align with the UAE's dynamic economic landscape which enabled us to capitalise on the growth opportunities and deliver exceptional value to our shareholders. 'We remain focused on accelerating growth through innovative initiatives while strengthening our competitive position. In 2024, we expanded our customer base by attracting approximately 216,000 new customers to ADIB. We also intensified our efforts to advance the sustainability agenda and led initiatives that significantly contributed to our ESG roadmap, including our commitment to reduce carbon emission as part of our Net Zero plan. With the launch of 2035 Vision, we are putting into place a transformative roadmap that positions us at the forefront of our industry. It is a vision that will be fueled by technological advancements, an uncompromising focus on our customers, and a deep commitment to sustainability principles.' Mohamed Abdelbary, ADIB's Group Chief Executive Officer, added, 'ADIB delivered outstanding financial results in 2024, with net profit before tax rising by 26 percent to a record level of Dhs6.9 billion. This success was driven by a 14 percent increase in revenue growth, supported by a higher volume of transactions and an expansion in customer financing, backed by an efficient funding base. Total assets increased to Dhs226 billion, driven by customer financing growth which expanded by 22 per cent in 2024. 'We demonstrated balance sheet strength across all key ratios, with asset quality matrix improving due to active management of legacy portfolios and strong underwriting our renewed 2035 vision, we aspire to build a future-proof bank that not only meets today's dynamic needs but also anticipates tomorrow's challenges. Our vision aligns closely with the national priorities, emphasising the use of Gen AI, focusing on Emiratisation and sustainability.' Last year, Abu Dhabi Islamic Bank has been recognised as the world's safest Islamic bank for the third consecutive year by Global Finance Magazine's for 2024. ADIB was also awarded the Best Islamic Bank in the UAE and Egypt, underscoring its strong regional influence and exceptional performance. The bank also achieved the distinction of the Best Islamic Bank Globally for ESG, highlighting its commitment to sustainable and ethical finance. The awards were presented during the 2024 annual meetings of the IMF and the World Bank Group (WBG) in Washington, DC. ADIB maintained its notable ranking as the world's Safest Islamic Bank which indicates its solid financial position, efficient risk management, and advanced cybersecurity systems, backed by high ratings from leading agencies. These recognitions highlight ADIB's ongoing delivery of innovative and safe Sharia-compliant products to its customers.
Gulf Today
04-03-2025
- Business
- Gulf Today
Adnoc to create Dhs220+ billion global chemicals powerhouse
ADNOC and Austria's OMV have announced today that they will merge their shareholdings in Borouge plc and Borealis AG to create Borouge Group International. This new combined company will then acquire NOVA Chemicals Corporation, a North American producer, for Dhs49.2 billion. With the inclusion of Borouge 4, Borouge Group International will become a Dhs220+ billion global integrated chemicals powerhouse and the world's fourth largest producer of polyolefins. Borouge Group International will be jointly owned and controlled by ADNOC and OMV, with headquarters in Vienna and Abu Dhabi. As part of the transaction, OMV will inject €1.6 billion (Dhs6.1 billion) in cash into the consolidated company to equalize its share. Borouge Group International will have best-in-class margins with around Dhs1.8 billion in synergies each year, and will deliver dividend growth for existing Borouge plc shareholders, who will be owners in the new company listed on the Abu Dhabi Securities Exchange (ADX). Dr. Sultan Ahmed Al Jaber, ADNOC Managing Director and Group CEO, said: 'These transformative transactions mark a pivotal milestone in ADNOC's global chemicals strategy as we deliver on our international growth mandate, under the guidance of the UAE leadership. Building on our 25-year strategic partnership with OMV, we will create a new industry powerhouse, with a portfolio of premium products, cutting-edge technologies and worldwide market access. The visionary combination of Borouge and Borealis and acquisition of Nova Chemicals, further future-proofs ADNOC and solidifies Abu Dhabi's status as a leader in the chemicals sector, as we seek to meet the growing global demand for chemicals and associated products, while driving value creation and growth opportunities for our shareholders.' Borouge Group International will combine the complementary strengths of the three international polyolefin leaders – Borouge, Borealis, and NOVA – including competitive feedstocks, access to growth markets, world-class technologies, and leadership in recyclable products. The new company will also benefit from complementary product lines, from Borouge's innovative agricultural products to Borealis' textiles and Nova's sustainable packaging solutions. The Borouge 4 expansion is expected to be transferred into the new company in 2026 at a cost of approximately Dhs27.5 billion, making it the world's fourth largest polyolefin producer by nameplate capacity with 13.6 million tonnes per annum (mtpa) of capacity across Europe, the Middle East and North America. The agreement strengthens the close historical collaboration and strategic partnership between ADNOC and OMV. Upon completion, ADNOC's stake in Borouge Group International will be transferred to XRG, ADNOC's international energy investment company. XRG, launched in 2024 with an enterprise value of over $80 billion, is the latest development in ADNOC's strategy to accelerate international growth and drive greater value, and will initially focus on projects across the energy spectrum, from gas to chemicals to low-carbon fuels and energy infrastructure. Polyolefins are durable and lightweight materials widely used in manufacturing and everyday products including packaging, household goods, medical supplies and textiles.
