UAE: ADNOC Gas Shareholders Endorse $1.625B Cash Dividend Distribution

Abu Dhabi National Oil Company’s gas subsidiary, ADNOC Gas, has announced its intention to distribute a substantial cash dividend of AED 5.9 billion ($1.625 billion).

This decision, ratified by shareholders, underscores the company's commitment to rewarding investors and reflects its robust financial performance. With each share entitling investors to approximately 7.776 fils, this dividend marks a significant contribution to shareholder value.

The approval of this dividend follows ADNOC Gas' stellar performance in the financial year ending December 31, 2023. With a reported net income of $4.7 billion, the company surpassed market expectations, demonstrating its resilience and efficiency in a dynamic energy landscape. This strong financial showing provides a solid foundation for sustained growth and underscores ADNOC Gas' position as a key player in the global energy market.

This latest dividend payout adds to the $3.2 billion already distributed in 2023, bringing the total cash dividend for the year to $3.2 billion, or 15.552 fils per share. Such consistent and generous dividends not only reward existing investors but also attract new ones, bolstering ADNOC Gas' reputation as a reliable investment opportunity in the energy sector.

Looking ahead, ADNOC Gas remains committed to delivering value to its shareholders. The company has outlined ambitious plans for dividend growth, targeting a 5% increase per share over the next four years. This commitment to sustained dividend growth reflects ADNOC Gas' confidence in its business strategy and its ability to navigate evolving market conditions effectively.

Moreover, the company's transparent communication and adherence to its dividend policy enhance investor confidence, providing clarity and predictability in an uncertain economic environment. By prioritizing shareholder returns while maintaining a focus on operational excellence and innovation, ADNOC Gas continues to drive long-term value creation for its stakeholders.

ADNOC Gas' decision to distribute a record cash dividend underscores its financial strength, operational resilience, and commitment to shareholder value. With a solid track record of performance and ambitious growth plans, ADNOC Gas is well-positioned to capitalize on emerging opportunities and deliver sustained value for its investors in the years to come.

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