ADNOC’s Firms Paid $6.7 Billion as Dividends in 2024

Reflecting their strong financial health, the six publicly-traded companies of Abu Dhabi National Oil Company (ADNOC) have paid more than $6.7 billion as annual dividends paid to their shareholders for 2024.

At their Annual General Meetings (AGM), these six companies, shareholders voted overwhelmingly to approve the dividend proposals brought forth by each companies’ Boards of Directors. Each of the six listed companies prioritised strong returns and value creation for shareholders, while advancing their strategies to deliver profitable growth.

ADNOC Distribution

ADNOC Distribution shareholders approved a final cash dividend of $350 million for the second half of 2024, bringing total annual dividends to $700 million. Since its IPO in 2017, ADNOC Distribution has paid out $4.8 billion in dividends and delivered a 92% total shareholder return as of the end of 2024.

The company is planning capital expenditures between $250 million and $300 million in 2025 while maintaining its dividend policy to distribute to shareholders at least $700 million or 75% of net profit, whichever is higher.

ADNOC Gas

ADNOC Gas shareholders approved the companies’ proposal to distribute $1.7 billion for the second half of the year, raising the 2024 annual dividend to $3.41 billion, the largest distribution by any issuer on the Abu Dhabi Securities Exchange (ADX).

The dividend pay-out and the company’s strong 2024 results, which include record adjusted net income of $5 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 Drilling

Shareholders of ADNOC Drilling approved the proposed 2024 annual dividend distribution of $788 million at its AGM, including a $394 million 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 company aims to enhance operational capacity, targeting revenue between $4.6 billion and $4.8 billion. The company plans to expand its fleet to over 148 rigs by 2026 and integrate AI-enabled technologies to boost efficiency.

By 2028, the company expects to provide a dividend payment of at least $1.15 billion in line with its progressive dividend policy to increase dividends by 10% annually.

ADNOC Logistics & Services

ADNOC L&S shareholders approved a final 2024 dividend payment of $136.5 million, bringing total dividend payments for the year to $273 million and reflecting a 5% y-o-y increase as aligned with its progressive dividend policy.

Between its 2023 IPO and the end of 2024, ADNOC L&S delivered more than 178% in total shareholder returns (including share price appreciation and dividends paid), significantly outperforming the ADX and reinforcing investor trust in its long-term strategy.

Looking ahead, the company is continuing to expand its service offerings both locally and internationally, growing its energy-efficient fleet and accelerating organic and inorganic growth.

Borouge

Borouge shareholders approved a final 2024 dividend of $650 million, bringing the total annual payout to $1.3 billion.

Additionally, shareholders authorised a share buyback program of up to 2.5% of outstanding shares, reflecting the company’s strong confidence in its future prospects and the significant upside potential beyond the current share price.

Addressing the shareholders at the AGM, Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, and Managing Director and Group CEO of ADNOC, and Borouge Chairman, spoke about the proposed creation of Borouge Group International that will bring together Borouge and Borealis and acquire Nova Chemicals.

Borouge also announced it will increase its 2025 dividend to $2.2 billion from 2026 to 2030.

Fertiglobe                                                                          

Fertiglobe shareholders approved the proposed pay-out of a $125 million dividend for the second half of 2024, bringing total 2024 dividends to $275 million. Since its 2021 IPO, the company has distributed $2.5 billion to shareholders, delivering one of the highest total shareholder returns on the ADX over that time.

The shareholders also approved the repurchase of up to 2.5% of its issued shares via a share buyback, reflecting Fertiglobe’s confidence in its long-term growth strategy and commitment to delivering sustainable value to them.