ADNOC Gas Approves $1.625 Billion Cash Dividend

ADNOC Gas shareholders cheered the company's decision to distribute a hefty $1.625 billion cash dividend, following a meeting on Friday. This payout pertains to the second half of the financial year ending December 31, 2023, translating to roughly 7.776 fils per share.

The news comes on the heels of a strong financial performance by the Abu Dhabi-based company. ADNOC Gas surpassed market expectations by reporting a net income of $4.7 billion for the full year 2023. This positive performance fueled the significant dividend payout, which when combined with the $1.625 billion interim dividend distributed in December 2023, brings the total cash payout for the year to a substantial $3.2 billion, or 15.552 fils per share.

Shareholders are expected to receive the remaining dividend windfall in the second quarter of 2024. Looking ahead, ADNOC Gas has expressed confidence in its future profitability, projecting a consistent growth trajectory of 5% annually in dividends per share over the next four years. This commitment to shareholder returns signifies the company's optimistic outlook on the natural gas market and its ability to generate strong cash flow.

The approval of the dividend reflects ADNOC Gas's robust financial health and its dedication to rewarding its shareholders for their investment. The company's performance and dividend payout strategy position it favorably to attract and retain investors in the dynamic energy sector.

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