Adnoc L&S to hold its first AGM on Monday

ABU DHABI: Adnoc Logistics & Services (Adnoc L&S) will hold its first Annual General Meeting (AGM) for shareholders on April 29, following the success of last year’s Initial Public Offering (IPO).

One of Adnoc’s six subsidiaries currently trading on the Abu Dhabi Securities Exchange, Adnoc L&S witnessed unprecedented demand during its initial public offering, oversubscribed by 163 times, making it the second-largest IPO in the Middle East and North Africa for 2023.

Since its listing, the company has achieved exceptional results, ending the year with a 138 percent annual increase in net profit and a 91 percent rise in share price.

In statements to the Emirates News Agency (WAM), Captain Abdulkareem Al Masabi, CEO of Adnoc logistics & Services, stated, “As we complete our first year as a publicly traded company, we remain committed to our transformative growth strategy, which will enhance our position as one of the world’s largest owners and operators of marine logistics services fleets, entering new markets to expand our geographical footprint in line with the company’s smart growth strategy and providing comprehensive maritime logistics services to the energy sector.”

The company reaffirmed its commitment to continuing its progressive dividend approach, aiming for an annual profit increase of no less than 5 percent in the coming years. Shareholders will vote on the final dividends for 2023 amounting to $130 million (Dhs477 million), equivalent to 6.45 fils per share, as recommended by the company’s board of directors upon announcing the full-year financial results.