Abu Dhabi, UAE — In its first Annual General Meeting (AGM) since its IPO in March 2023, shareholders approved a dividend of $3.25 billion for 2023.
An inaugural interim cash dividend of $1.625 billion was paid in December 2023, with a further $1.625 billion scheduled for distribution in the second quarter of 2024.
Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of ADNOC Gas, who chaired the AGM, said, “ADNOC Gas recorded robust financial and operational results in 2023, has delivered on its dividend promise to shareholders, and is progressing several significant projects that will accelerate its future growth. The company saw its share price surge 30 percent from its listing date in March 2023 to year-end, driving its market capitalization to $65 billion and ranking us among the Top 20 Oil & Gas companies worldwide.”
Total shareholder returns, including the annual dividend, reached 35 percent in 2023. He added that in 2023, the company made substantial investments, awarding contracts worth $4.9 billion.
ADNOC Gas delivered strong financial results in 2023, reporting revenues of $22.7 billion and a net income of $4.7 billion, exceeding market expectations and setting the foundation for further growth in 2024 and beyond.
The company intends to progressively increase the dividend it pays its shareholders by 5 percent year-on-year over the next four years, underscoring the strength and visibility of ADNOC Gas’ future cash flows.