ADNOC L&S shareholders approve $130 million final dividend for 2023

ADNOC L&S shareholders approve $130 million final dividend for 2023

He added, "In its first year as a publicly listed entity, ADNOC L&S delivered exceptional financial results, including a 138 per cent year-on-year increase in net profit, a 41 per cent year-on-year increase in revenues and a 91 per cent appreciation in the share price between its listing in June and the end of the year, strongly exceeding the ADX, which grew 2 per cent over the same period."

ADNOC L&S delivered outstanding financial results, including a 138 per cent year-on-year increase in net profit to $620 million (Dh2,277 million) and a 41 per cent year-on-year increase in revenues to $2,755 million (Dh10,118 million).

ADNOC L&S is committed to rewarding its shareholders and potential investors. The company plans to increase dividends by a minimum of 5 per cent every year over the medium term, using the 2023 annualized dividend ($260 million, AED955 million) as a base. This dividend policy will be regularly reviewed to seize value-accretive growth opportunities. The company intends to distribute dividends semi-annually, with the first installment paid in the fourth quarter following first-half results, and the final payment made in the second quarter of the subsequent calendar year after second-half results.

ADNOC L&S shareholders approve $130