Business
ADNOC listed companies to distribute over $6.7bln in total annual dividends
ADNOC listed companies to distribute over $6.7bln in total annual dividends
About this update from Borouge Plc
Staff WriterADNOC Group's publicly traded portfolio companies collectively endorsed over $6.7 billion (AED24.6 billion) in annual dividend payments to shareholders for 2024, reflecting their strong financial health and commitment to shareholders value.At the Annual General Meetings (AGM) of all six listed companies, shareholders voted overwhelmingly to approve the dividend proposals brought forth by each companies’ Boards of Directors. Each of the six listed companies prioritize strong returns and value creation for shareholders, while advancing their strategies to deliver profitable growth.ADNOC DistributionAt its AGM on March 26, ADNOC Distribution shareholders approved a final cash dividend of $350 million (AED1.3 billion) for the second half of 2024, bringing total annual dividends to $700 million (AED2.6 billion), equal to 20.57 fils per share. Since its IPO in 2017, ADNOC Distribution has paid out $4.8 billion (AED17.6 billion) in dividends and delivered a 92% total shareholder return as of the end of 2024.The company is planning capital expenditures of $250-300 million (AED917.5 million-1.1 billion) in 2025 while maintaining its dividend policy to distribute to shareholders at least $700 million (AED2.6 billion) or 75% of net profit, whichever is higher.ADNOC GasADNOC Gas shareholders approved the companies’ proposal to distribute $1.7 billion (AED 6.2 billion) for the second half of the year, raising the 2024 annual dividend to $3.41 billion (AED12.5 billion), the largest distribution by any issuer on the Abu Dhabi Securities Exchange (ADX).The dividend payout and the company’s strong 2024 results, which include record adjusted net income of $5 billion (AED18.35 billion), propelled it to deliver 19% total shareholder returns for the year. ADNOC Gas is also positioned for potential inclusion in the MSCI and FTSE indices later this year following the company’s landmark secondary share offering of 3.1 billion shares—the largest of its kind in ADX history and the UAE’s largest secondary offering.ADNOC DrillingShareholders of ADNOC Drilling approved the proposed 2024 annual dividend distribution of $788 million (AED2.9 billion) at its AGM, including a $394 million (AED1.4 billion) dividend for the second half of the year. This represents a 10% increase compared to the previous year, driven by the company’s solid financial performance.In 2025, the compa...