ADNOC L&S to Distribute Interim Cash Dividend of $65 Million (AED239 Million) for Q2 2023, Equivalent to 3.2 Fils Per Share

The Company intends to pay a total dividend amount of $195 million (AED716 million) for Q2 and H2 of the 2023 financial year

 The record date for the interim dividend will be 19 October 2023 

The company reaffirms its commitment to deliver attractive returns to its shareholders 

Abu Dhabi, UAE – October 9, 2023: ADNOC Logistics and Services plc (ADNOC L&S) (ADX symbol ADNOCLS / ISIN AEE01268A239), a global energy maritime logistics leader, today announced that its Board of Directors has approved the distribution of an interim cash dividend of $65 million (AED239 million) for Q2 2023, equivalent to 3.2 fils per share.

The interim dividend will be paid to shareholders who own ADNOC L&S shares on the record date of 19 October 2023. The dividend, in relation to H2 2023 is anticipated to be paid in Q2 2024. At the time of listing the Company indicated a H2 2023 dividend of $130 million (AED 477 million). 

Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, said: "The planned interim distribution of ADNOC L&S’ cash dividend underscores our strong performance in the first half of the year and is testament to our unwavering commitment to providing value to our shareholders. Our solid cash generation and net cash position give us ample resources to sustain our ongoing operational requirements and facilitate continued investment in long-term, value-enhancing growth opportunities. Looking ahead, we remain focused on delivering on our smart growth strategy which includes expanding our geographical reach, exploring new revenue streams, and unlocking additional value for our shareholders."

From fiscal year 2024 onwards, ADNOC L&S expects to increase annual dividend per share on a progressive basis by at least 5% per annum over the medium term, while regularly reviewing the policy considering value accretive growth opportunities. The Company intends to pay dividends on a semi-annual basis, with an initial payment for the first-half results being paid in the fourth quarter of that year, and a second payment following second-half results being paid in the second quarter of the following calendar year.

ADNOC L&S continues to make significant strides in executing its smart growth strategy by expanding into new business verticals, creating fresh revenue streams, and continuing to strategically expand its fleet. During Q2 2023, the Company secured a $975 million Engineering, Procurement and Construction (EPC) contract from ADNOC Offshore for the construction of an offshore artificial island, and has grown its fleet by taking delivery of three newbuild, LNG dual-fuel Very Large Crude Carriers (VLCCs) and adding six owned and two chartered-in self-propelled Jack Up Barges to its fleet.

Key dates:

Board of Directors Approval

09 October 2023

Last Entitlement Date (last day to purchase)

17 October 2023

Record Date

19 October 2023

Dividend Payment

30 days from Board of Directors approval