Latest news with #dividendpolicy
Khaleej Times
26-05-2025
- Business
- Khaleej Times
ADNOC's listed companies post over $2.3 billion net profit in first quarter
ADNOC Group's publicly traded portfolio companies combined to deliver over $2.3 billion (AED8.4 billion) in first quarter net profit, reflecting their resilient business models and ability to generate robust profits in evolving market conditions. Each of the six companies delivered strong financial results in the first quarter, alongside clear progress on strategic priorities aimed at driving profitable growth. ADNOC Distribution delivered first quarter net profit of $174 million (AEDAED639 million), up 16% year-on-year, and its highest-ever first quarter EBITDA behind record Q1 fuel sales and strong performance in non-fuel retail. The company added 20 new service stations to its network in the quarter, bringing the total to 915 and putting it on track to meet its target of 40-50 new stations by the end of 2025. ADNOC Distribution also reaffirmed its commitment to its dividend policy, aiming for an annual payout of $700 million (AEDAED2.57 billion) equivalent to (20.57 fils per share) or at least 75% of net profit, whichever is higher, through 2028. ADNOC Drilling reported strong first quarter results with revenue up 32% to $1.17 billion (AEDAED4.30 billion) year-on-year (y-o-y), EBITDA up 22% to $533 million (AEDAED1.96 billion) y-o-y and net profit increasing 24% to $341 million (AEDAED1.30 billion) y-o-y. The company also announced new contract awards worth over $2.4 billion (AEDAED8.8 billion) providing unmatched multi-year earnings visibility and adding to its multi-billion-dollar revenue pipeline. Additionally, ADNOC Drilling's Board of Directors approved quarterly dividend distributions, resulting in a payment of $217 million (AED796 million) for the first quarter of 2025. For 2025, ADNOC Drilling expects to deliver revenues between $4.60 - 4.80 billion (AED16.9 – 17.6 billion) and net profit between $1.35 - 1.45 billion (AED4.95 – 5.32 billion). ADNOC Gas reported a net income of $1.27 billion (AED4.7 billion) for Q1 2025, up 7% year-on-year, and EBITDA of $2.16 billion (AED7.9 billion), up 4% year-on-year, driven by increased domestic gas demand and efficient management of the planned shutdown programme, which boosted processing capacity. The company continues to invest to achieve its longer-term EBITDA growth target of over 40% between 2023 and 2029. Significant LNG supply agreements worth $9 billion (AED30.24 billion) were signed with Indian Oil Corporation and JERA Global Markets, and capital expenditures increased by 43% year-on-year. On 13th May, ADNOC Gas was selected for inclusion in the MSCI Emerging Markets Index after meeting the necessary criteria. The inclusion will take effect from 2nd June, and is expected to increase cash inflows by between $300-$500 million (AED1.0 – 1.8 billion) and attract more international institutional investors. ADNOC Logistics & Services plc (ADNOC L&S) reported strong Q1 2025 financial results with a 41% increase in revenue to $1.2 billion (AED4.34 billion) and a 20% rise in EBITDA to $344 million (AED1.26 billion), backed by strong performance across all business segments. The results underpin the resilience of the company's diversified business model where growth from the Integrated Logistics segment offset lower seasonal shipping rates. ADNOC L&S maintained both its 2025 net income and EBITDA guidance and its medium-term guidance, reflecting its continued positive long-term growth and strategic expansion. The Company's 2025 annual dividend is expected to grow 5% in line with its progressive dividend policy. Borouge reported strong Q1 2025 results with net profit of $281 million (AED1.03 billion), driven by year-on-year increases of 10% for sales volumes and 7% for production volumes. Revenue grew by 9% year-on-year to $1.42 billion (AED5.21 billion), with EBITDA of $564 million (AED2.07 billion), maintaining industry-leading margins of 40%. The company also announced it has purchased over 89 million of its own shares since launching its share buyback programme in April, reflecting its strong confidence in its future prospects. Borouge will increase its 2025 annual dividend to 16.2 fils per share, which is expected to be maintained until 2030 by Borouge Group International (BGI) following completion of the BGI transactions that are expected to close in Q1 2026. Fertiglobe announced strong Q1 2025 results, with revenues up 26% and adjusted EBITDA rising 45% year over year. Adjusted net profit would have been up 306% excluding last year's one-off foreign exchange revaluation gain, driven by higher urea prices and operational gains. The company also launched its 'Grow 2030 Strategy' to deliver $1 billion in EBITDA by 2030, focusing on operational excellence, customer proximity product expansion, and disciplined low-carbon ammonia growth. Fertiglobe's optimisation initiatives are enhanced by ADNOC's full support to integrate and optimise $15 - 21 million (AED55.1 – 77.1 million) of the company's fixed costs in addition to $10 million (AED36.7 million) in annual interest savings via direct and indirect financing support. Combined, these would lead to ~13-16% after tax earnings per share growth by the end of 2025. The company also reaffirmed its dividend policy to substantially pay out all excess free cash flows after providing for growth opportunities, and in April initiated a share buyback programme to repurchase up to 2.5% of its outstanding shares.
Yahoo
26-05-2025
- Business
- Yahoo
Hibiki Path Advisors Submits Shareholder Proposals for Tomoe Corporation's 93rd Annual General Meeting Scheduled for 27th June 2025
TOKYO, May 26, 2025--(BUSINESS WIRE)--Hibiki Path Aoba Fund (hereinafter referred to as "HPAF"), which has a discretionary investment contract with Hibiki Path Advisors (hereinafter referred to as "we", "our" or "Hibiki"), have submitted two shareholder proposals to be voted on at Tomoe Corporation (hereinafter referred to as "Tomoe")'s upcoming 93rd Annual General Meeting of Shareholders scheduled for 27th June 2025. The proposals are as follows: Granting restricted stock compensation—up to 300 million yen per year (maximum of 251,000 shares)—to Directors (excluding Directors who are Audit & Supervisory Committee members and Outside Directors) Adopting a shareholder return policy that ensures a dividend on equity (DOE) of 10% or more and a progressive dividend policy Tomoe is a highly respected construction company specializing in complex three-dimensional structures. Developed in 1932, the company's signature "Diamond Truss" technology enables the creation of large, open architectural spaces without interior pillars and continue to be well-recognized across the industry for its superior engineering capabilities. While the Company has an excellent business model, it faces the following issues: Compensation structure for Directors: The combined shareholding of the Company's four Directors (excluding Audit & Supervisory Committee members and Outside Directors) amounts to approximately 200 million yen in market value, only 0.4% of the Company's market capitalization, which is extremely low. Furthermore, their compensation consists solely of fixed amount remuneration. Financials: The Company holds approximately 35.4 billion yen in investment securities (primarily cross-shareholdings), accounting for around 30% of total assets and 50% of net assets. While "Mid-Term Management Plan (Japanese Only)" dated May 15, 2023, sets an ROE target of 10%, the ROE for FY3/25 based on NOPAT, which includes only profits derived purely from business operations, is just 3.8%. * Stock price is based on the closing price of 1,324 yen on 19th May 2025. The number of shares held by directors is based on FY3/24 Annual Securities Report. The numbers for the investment securities and ROE are based on the FY3/25 Q4 Earnings Report. NOPAT is computed based on tax rate of 30%. Above mentioned issues led (i) The Company's management team lacks a structure that would enable it to stand on the same footing as shareholders and focus on enhancing corporate value, As a result, (ii) the company's capital policy has not been properly addressed, and the P/B ratio has remained below 1x for many years and currently only 0.8x. In addition, the company owns real estate unrelated to its core business (with an unrealized pre-tax profit of approximately 40 billion yen), and the P/B ratio after adjustment for unrealized gains is 0.5x, which is extremely undervalued. * Stock price is based on the closing price of 1,324 yen on 19th May 2025. Unrealized pre-tax profit on real estate is based on FY3/24 Annual Securities Report. In "Measures to achieve management focused on cost of capital and stock price (Japanese Only)" dated 14th November 2024, Tomoe acknowledged that its net assets have been growing faster than its share price and recognized the need to address its overcapitalized balance sheet. However, despite the Company's recognition, no concrete actions have been taken. In consideration of this situation and to secure the common interests of all shareholders, we have decided to submit these proposals. Please find the full shareholder proposal document at the following link:[Shareholder Proposal] We respectfully ask our fellow shareholders to support our proposal from the perspective of enhancing and maximizing the common interests of all shareholders, and to exercise your voting rights proactively. 26th May 2025 Note: This post does not constitute a solicitation for an offer to acquire or recommend the purchase or sale of specific securities, or advice on investment, legal, tax, accounting, or any other matters. In the event of any discrepancy or conflict between the English and Japanese versions, unless otherwise noted, the meaning of the Japanese language version shall prevail unless otherwise expressly indicated. View source version on Contacts Yuya ShimizuRepresentative Director and Chief Investment OfficerHibiki Path info@
Yahoo
26-05-2025
- Business
- Yahoo
Hibiki Path Advisors Submits Shareholder Proposals for Tomoe Corporation's 93rd Annual General Meeting Scheduled for 27th June 2025
TOKYO, May 26, 2025--(BUSINESS WIRE)--Hibiki Path Aoba Fund (hereinafter referred to as "HPAF"), which has a discretionary investment contract with Hibiki Path Advisors (hereinafter referred to as "we", "our" or "Hibiki"), have submitted two shareholder proposals to be voted on at Tomoe Corporation (hereinafter referred to as "Tomoe")'s upcoming 93rd Annual General Meeting of Shareholders scheduled for 27th June 2025. The proposals are as follows: Granting restricted stock compensation—up to 300 million yen per year (maximum of 251,000 shares)—to Directors (excluding Directors who are Audit & Supervisory Committee members and Outside Directors) Adopting a shareholder return policy that ensures a dividend on equity (DOE) of 10% or more and a progressive dividend policy Tomoe is a highly respected construction company specializing in complex three-dimensional structures. Developed in 1932, the company's signature "Diamond Truss" technology enables the creation of large, open architectural spaces without interior pillars and continue to be well-recognized across the industry for its superior engineering capabilities. While the Company has an excellent business model, it faces the following issues: Compensation structure for Directors: The combined shareholding of the Company's four Directors (excluding Audit & Supervisory Committee members and Outside Directors) amounts to approximately 200 million yen in market value, only 0.4% of the Company's market capitalization, which is extremely low. Furthermore, their compensation consists solely of fixed amount remuneration. Financials: The Company holds approximately 35.4 billion yen in investment securities (primarily cross-shareholdings), accounting for around 30% of total assets and 50% of net assets. While "Mid-Term Management Plan (Japanese Only)" dated May 15, 2023, sets an ROE target of 10%, the ROE for FY3/25 based on NOPAT, which includes only profits derived purely from business operations, is just 3.8%. * Stock price is based on the closing price of 1,324 yen on 19th May 2025. The number of shares held by directors is based on FY3/24 Annual Securities Report. The numbers for the investment securities and ROE are based on the FY3/25 Q4 Earnings Report. NOPAT is computed based on tax rate of 30%. Above mentioned issues led (i) The Company's management team lacks a structure that would enable it to stand on the same footing as shareholders and focus on enhancing corporate value, As a result, (ii) the company's capital policy has not been properly addressed, and the P/B ratio has remained below 1x for many years and currently only 0.8x. In addition, the company owns real estate unrelated to its core business (with an unrealized pre-tax profit of approximately 40 billion yen), and the P/B ratio after adjustment for unrealized gains is 0.5x, which is extremely undervalued. * Stock price is based on the closing price of 1,324 yen on 19th May 2025. Unrealized pre-tax profit on real estate is based on FY3/24 Annual Securities Report. In "Measures to achieve management focused on cost of capital and stock price (Japanese Only)" dated 14th November 2024, Tomoe acknowledged that its net assets have been growing faster than its share price and recognized the need to address its overcapitalized balance sheet. However, despite the Company's recognition, no concrete actions have been taken. In consideration of this situation and to secure the common interests of all shareholders, we have decided to submit these proposals. Please find the full shareholder proposal document at the following link:[Shareholder Proposal] We respectfully ask our fellow shareholders to support our proposal from the perspective of enhancing and maximizing the common interests of all shareholders, and to exercise your voting rights proactively. 26th May 2025 Note: This post does not constitute a solicitation for an offer to acquire or recommend the purchase or sale of specific securities, or advice on investment, legal, tax, accounting, or any other matters. In the event of any discrepancy or conflict between the English and Japanese versions, unless otherwise noted, the meaning of the Japanese language version shall prevail unless otherwise expressly indicated. View source version on Contacts Yuya ShimizuRepresentative Director and Chief Investment OfficerHibiki Path info@ Sign in to access your portfolio
