PHOTO
State oil giant Abu Dhabi National Oil Company’s gas unit, ADNOC Gas, is set to distribute around AED 5.9 billion ($1.625 billion) cash dividend.
Shareholders of the company approved on Friday the Board of Directors’ recommendation to release the payout, which is equivalent to approximately 7.776 fils per share, for the second half of the financial year ended December 31, 2023.
The latest dividend brings the total cash payout for 2023 to $3.2 billion, or 15.552 fils per share, the company said in a disclosure on the Abu Dhabi Securities Exchange (ADX).
ADNOC Gas earlier reported a net income of $4.7 billion for the full year 2023, exceeding market expectations.
The previous interim cash dividend of $1.625 billion was paid in December 2023. The remaining payout will be released in the second quarter of 2024, the company earlier said.
The company is expecting to post an annual dividend growth of 5% per share over the next four years.
(Writing by Cleofe Maceda; editing by Seban Scaria)
