ABU DHABI: ADNOC Logistics & Services surged 58% percent above their listing price on its market debut on Thursday.

ADNOC L&S climbed from its listing price of AED 2.01 to close as high as AED3.130.

The company intends to pay a fixed dividend amount of US$195 million for the second quarter and the second half of 2023 (equivalent to annualised dividends of US$260 million). Thereafter, the Company expects to increase the annual dividend per share by at least 5 percent per annum.

As the sixth company that ADNOC has listed on ADX in the past five years, ADNOC L&S follows the landmark IPOs of ADNOC Distribution, ADNOC Drilling, Fertiglobe, Borouge and ADNOC Gas, and further cements ADNOC’s instrumental role as a primary catalyst for the diversification and growth of Abu Dhabi’s capital market and the UAE’s status as a go-to destination for global capital.