ADNOC Gas to distribute cash dividend of $1.625 billion
Abu Dhabi, The Gulf Observer: ADNOC Gas plc (ADNOC Gas), a world-class integrated gas processing company, today announced that its Board of Directors has approved an inaugural interim cash dividend (interim dividend) of $1.625 billion (AED5.968 billion) for distribution on 14 December 2023, equivalent to 7.776 fils per share. The interim dividend will be paid to shareholders who own ADNOC Gas shares on the record date of 24 November 2023.
Ahmed Alebri, Chief Executive Officer of ADNOC Gas, commented: “In line with ADNOC Gas’ growth strategy of expanding our portfolio while also generating attractive shareholder returns, I am delighted to announce the Board’s approval of our inaugural interim dividend. This not only underscores our robust financial performance in the first half, but also our commitment to rewarding our shareholders.
“Our abundant and high-quality feedstock and unwavering commitment to operational excellence enable us to continue delivering across a diverse and highly attractive product portfolio. This not only allows us to meet current market demands, but also positions us with confidence to broaden our geographical reach and venture into new territories, exploring new revenue streams that hold the potential to unlock additional value for shareholders.
“This approach underscores our dedication to thriving in a dynamic business landscape while delivering robust returns to investors.”
ADNOC Gas expects to pay another $1.625 billion (AED5.968 billion) as final cash dividend for the financial year 2023 in the second quarter of 2024. The Company aims to increase the annual dividend payment from $3.25 billion by 5% per annum on a per-share basis from 2024 to 2027. This reflects ADNOC Gas’ confidence in its strong and visible future cash flows, that allows for both investment in long-term growth while also providing stable shareholder returns.
ADNOC Gas continues to leverage opportunities arising from ADNOC’s integrated gas masterplan, which links every part of the gas value chain in the UAE, ensuring a sustainable and economic supply of natural gas to meet local and international demand. The plan includes new approaches and technologies to enable increased gas recovery from existing fields and the development of untapped resources whilst remaining fully committed to the decarbonization of operations and the UAE’s and ADNOC’s sustainability goals.
