ADNOC L&S shareholders approve $273 million dividend in 2024
The amount is a five per cent increase year-on-year, in line with ADNOC L&S' progressive dividend policy. The final dividend, equivalent to 6.78 fils per share, will be paid to shareholders on record as of April 3, 2025.
Chairman of ADNOC L&S, Dr. Sultan Al Jaber said, '2024 was a transformative year for ADNOC L&S, marked by accelerated global expansion, record financial performance, and bold strategic moves.
'We continued to strengthen our fleet and completed a pivotal $1 billion (AED 3.7 billion) acquisition of 80 per cent of Navig8, significantly enhancing our global reach and operational capabilities. Our strong performance in 2024 allowed us to deliver outstanding shareholder value, including a five percent increase in our full-year dividend, while advancing sustainability, innovation, and industry leadership.'
He added that ADNOC L&S is positioned for continued growth, driven by organic expansion, strategic acquisitions, and cutting-edge technology investments.
"With a growing fleet of next-generation vessels and a steadfast commitment to efficiency and sustainability, we remain focused on delivering ADNOC's energy to the world while contributing to the UAE's economic ambitions. The momentum we have built sets the stage for an even more exciting future,' Dr. Al Jaber stated.
ADNOC L&S delivered exceptional financial growth, driven by strong market demand, strategic acquisitions, and operational efficiency.
Revenue increased 29 per cent year-on-year to over $3.5 billion (AED 13 billion), while net profit rose 22 per cent to $756 million (AED2.7 billion).
EBITDA grew 31 per cent year-on-year, reflecting ADNOC L&S' ability to scale operations while maintaining profitability.
Since its 2023 IPO, the company's share price has increased by 178 per cent, significantly outperforming the ADX and strengthening investor trust in ADNOC L&S' long-term strategy.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Etihad
2 hours ago
- Al Etihad
US stocks mixed as giant tax cut bill moves to House
2 July 2025 18:17 NEW YORK (AFP)Wall Street stocks were mixed early Wednesday as markets awaited further action on President Donald Trump's sweeping tax cut legislation and digested poor US hiring White House allies eked out Senate passage of Trump's controversial package, which includes social spending cuts and large funding increases for deportations, House Republican leaders faced further hurdles in a vote expected for later Wednesday or data from payroll firm ADP showed a decline of 33,000 jobs in June, a potential sign of labour market weakness amid uncertainty from Trump's tariffs. The report comes ahead of Thursday's more definitive government jobs 30 minutes into trading, the Dow Jones Industrial Average was down 0.2 percent at 44, broad-based S&P 500 was unchanged at 6,196.26, while the tech-rich Nasdaq Composite Index added 0.3 percent at 20, individual companies, Tesla rose 2.1 percent after reporting a 13.5 percent drop in second-quarter auto deliveries, portending another poor quarter in terms of profitability. However, some analysts had in recent days projected far worse figures in light of the headwinds facing Elon Musk's company. Stock Markets Continue full coverage
Sharjah 24
2 hours ago
- Sharjah 24
Approval of 111 retiree grant applications in Sharjah
During the session, the committee reviewed several new applications submitted as part of the supplementary support program for retirees. 111 Applications Accepted During the meeting, the committee approved 111 new applications that met the approved conditions and standards, with a total annual cost of AED 4,955,503.08. These approvals came from a total of 133 applications that were reviewed and studied as part of the committee's mandate and in accordance with the established regulations. Supporting Social Stability This approval reflects ongoing efforts to strengthen the social welfare system for retirees and support their living stability by providing supplementary grants that help meet their basic needs. Commitment to Fairness The committee continues its work according to precise mechanisms that ensure efficient application review and swift decision-making, upholding the principle of social justice and aligning with Sharjah's vision of caring for all segments of society.
TECHx
3 hours ago
- TECHx
DEWA Partners with Google Cloud to Launch Gen AI Podcasts
Home » Top stories » DEWA Partners with Google Cloud to Launch Gen AI Podcasts Dubai Electricity and Water Authority (DEWA) has announced a strategic collaboration with Google Cloud. The partnership aims to integrate generative AI into DEWA's core operations. The announcement was made during a high-level meeting. HE Saeed Mohammed Al Tayer, MD & CEO of DEWA, welcomed a delegation led by Ziad Jammal, General Manager – Google Cloud UAE, Levant, and North Africa. The meeting was also attended by: Marwan Bin Haidar, Executive Vice President of Innovation and the Future Waleed bin Salman, Executive Vice President of Business Development and Excellence Mohammed Bin Sulaiman, CEO of Moro Hub During the visit, DEWA revealed the launch of a series of AI-generated podcasts using Google Cloud's NotebookLM technology. The initiative enables fast content creation with consistent quality and multilingual capabilities. DEWA reported that the use of NotebookLM reduced production costs by over 99%. Turnaround time improved by more than 95% compared to traditional podcasting methods. The move aligns with the National Strategy for Artificial Intelligence 2031. It supports the UAE's goal to become a global leader in AI adoption. HE Saeed Mohammed Al Tayer stated that DEWA aims to be the world's first AI-native utility. He noted that integrating advanced gen AI technologies helps DEWA keep pace with digital transformation. Ziad Jammal of Google Cloud praised DEWA's efforts. He said the partnership shows the power of generative AI in driving business value and innovation at scale. DEWA confirmed the initiative is delivering annual cost avoidance of AED 25.5 million. This allows resources to be redirected to other strategic priorities. The collaboration demonstrates how AI can enhance sustainability, innovation, and operational efficiency. DEWA's partnership with Google Cloud highlights its continued leadership in AI and digital excellence.
