ADNOC Drilling shareholders to see their dividends increase by at least 10% from 2024-28

ADNOC Drilling shareholders to see their dividends increase by at least 10% from 2024-28

ADNOC Drilling joins some of the other listed ADNOC entities in rolling out higher dividends for the short term. Image Credit: Supplied

Dubai: Shareholders in ADNOC Drilling have just received a boost - the company is bringing in a new dividend policy of increasing its payout by 'at least' 10 per cent annually over the next 5 years.

At the same time, the Board of Directors may 'consider additional dividends' over and above this 'after taking into account growth opportunities'. And while maintaining the net debt/EBITDA up to 2x (excluding any transformative M&A deals).

The new dividend policy will be placed for shareholder approval at an upcoming general assembly meeting. The date is to be confirmed. Dividends are expected to be paid semi-annually with a final dividend distributed in the first-half and an interim dividend in the second-half of each year.

Some of the listed ADNOC affiliated entities have announced increases on their dividend payouts, but mostly by 5 per cent apiece.  

ADNOC Drilling shareholders to see their dividends increase by at least 10% from 2024-28