Abu Dhabi: ADNOC Gas plc and its subsidiaries conducted their first Annual General Meeting (AGM) following the historic initial public offering (IPO) in March 2023.
During the AGM – chaired by Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of ADNOC Gas – shareholders approved the Board of Director’s proposal to distribute a robust full-year 2023 dividend of $3.25 billion.
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. Al Jaber 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. These exceptional achievements in a volatile gas market underscore our ability to deliver robust financial performance and growth throughout the commodity cycle,” Dr. Al Jaber continued.
He added, “In 2023, we made substantial investments to advance our growth strategy, awarding contracts worth $4.9 billion to expand our processing capacity and reach more customers. These projects will provide additional sales volumes of up to 20 percent. Our international sales momentum grew in 2023 with the signing of liquefied natural gas (LNG) export agreements worth up to $12 billion, securing our returns in the coming years and capitalizing on the increasing global demand for LNG as a transition fuel.”