The Abu Dhabi National Oil Company (ADNOC) Group has approved a collective dividend distribution of $6.7 billion (AED 24.6 billion) for 2024. This significant commitment reflects ADNOC’s robust financial health and its ongoing dedication to maximising long-term shareholder value.
The decision was formalised during the Annual General Meetings (AGMs) of ADNOC’s six publicly listed subsidiaries. Shareholders across all entities voted in favour of the proposed dividends, showcasing broad confidence in ADNOC’s strategic direction and consistent earnings performance.
Each company underscored its focus on delivering competitive returns while pursuing expansion strategies aligned with sustainable and profitable growth.
ADNOC Distribution: Steady Dividends and Capital Investment
During its AGM on March 26, ADNOC Distribution finalised a second-half dividend of $350 million (AED 1.3 billion), bringing the total 2024 payout to $700 million (AED 2.6 billion) — equivalent to 20.57 fils per share.
Since its IPO in 2017, ADNOC Distribution has returned over $4.8 billion (AED 17.6 billion) to shareholders, achieving a total shareholder return of 92% by the end of 2024. For 2025, the company plans capital expenditures between $250 million and $300 million (AED 917.5 million – AED 1.1 billion), while maintaining a dividend policy promising either 75% of net profits or a minimum of $700 million — whichever is higher.
ADNOC Gas: Landmark Dividend and Share Offering
Shareholders at ADNOC Gas approved a final dividend of $1.7 billion (AED 6.2 billion) for the second half of 2024, elevating the full-year payout to $3.41 billion (AED 12.5 billion). This marks the highest dividend distribution by any company listed on the Abu Dhabi Securities Exchange (ADX).
The company recorded a record adjusted net income of $5 billion (AED 18.35 billion) last year, securing a 19% total shareholder return. ADNOC Gas also completed the UAE’s largest secondary share offering, placing 3.1 billion shares, positioning the firm for potential inclusion in both the MSCI and FTSE global indices.
ADNOC Drilling: Fleet Growth and Rising Dividends
ADNOC Drilling secured shareholder approval for a 2024 dividend payout of $788 million (AED 2.9 billion), including a $394 million (AED 1.4 billion) final dividend for the second half. This figure reflects a 10% increase over the previous year, highlighting the company’s steady earnings momentum.
Looking ahead to 2025, ADNOC Drilling aims for revenue between $4.6 billion and $4.8 billion (AED 16.9 – 17.6 billion). Expansion plans include growing its rig fleet to over 148 units by 2026 and integrating AI-driven technologies to enhance efficiency. The company also reaffirmed its progressive dividend policy, targeting annual payouts of at least $1.15 billion by 2028.
ADNOC L&S: Sustainability Targets and Strong Returns
At its AGM, ADNOC Logistics and Services (ADNOC L&S) approved a final dividend of $136.5 million (AED 501 million), lifting its total 2024 payout to $273 million (AED 1 billion). The dividend represents a 5% year-on-year increase, consistent with the company’s growth-oriented distribution framework.
Since its IPO in 2023, ADNOC L&S has delivered a remarkable 178% total shareholder return, outperforming ADX benchmarks. The company added 21 energy-efficient vessels in 2024, achieving an 11% reduction in carbon intensity. ADNOC L&S remains focused on expanding both organically and through acquisitions while using AI-powered solutions to meet evolving operational and environmental goals.
Borouge: Expansion Ambitions and Buyback Plan
Borouge shareholders approved a final 2024 dividend of $650 million (AED 2.4 billion), bringing the total annual payout to $1.3 billion (AED 4.77 billion) or 15.88 fils per share. The AGM also authorised a share buyback programme of up to 2.5% of outstanding stock.
Looking ahead, Borouge unveiled plans for Borouge Group International, an entity combining Borouge, Borealis, and Nova Chemicals. This new venture aims to scale production capacity to 13.6 million tonnes — nearly tripling Borouge’s current output.
The company also announced an increased 2025 dividend commitment of at least 16.2 fils per share. Following the formation of Borouge Group International, annual dividend payouts are projected to reach $2.2 billion (AED 8.1 billion) from 2026 to 2030.
Fertiglobe: Dividends and Cost Efficiency Milestones
Fertiglobe shareholders approved a second-half dividend of $125 million (AED 459 million), finalising its 2024 total payout at $275 million (AED 1.01 billion), or 12.2 fils per share.
Since its market debut in 2021, Fertiglobe has distributed $2.5 billion (AED 9.2 billion) to shareholders. Investors also approved a 2.5% share buyback, signalling continued faith in the company’s growth strategy. Fertiglobe is progressing toward its Manufacturing Improvement Plan, designed to unlock an additional $100 million in annual EBITDA by 2025.
The company will share a strategic update during its Capital Markets Day in Abu Dhabi on May 13, 2025, coinciding with the release of its Q1 earnings.
