In a significant move showcasing its commitment to shareholders and global expansion, ADNOC Gas has announced the approval of a robust full-year 2023 dividend totaling $3.25 billion. The decision was reached during its first Annual General Meeting (AGM) held since the company's groundbreaking initial public offering (IPO) last year.
The AGM, chaired by His Excellency Dr. Sultan Ahmed Al Jaber, Chairman of ADNOC Gas, marked a pivotal moment for the company. Shareholders showed overwhelming support for the Board of Directors' proposal, underscoring confidence in ADNOC Gas's strategic direction.
An interim cash dividend of $1.625 billion was distributed in December 2023, with an additional $1.625 billion slated for distribution in the second quarter of 2024, further reinforcing the company's commitment to delivering value to its investors.
Reflecting on the achievements of 2023, Dr. Sultan Ahmed Al Jaber emphasized ADNOC Gas's robust financial and operational performance. The company witnessed a remarkable 30% surge in its share price from its listing date in March 2023 to year-end, propelling its market capitalization to an impressive $65 billion. This placed ADNOC Gas among the Top 20 Oil & Gas companies globally, a testament to its resilience and market competitiveness.
Dr. Al Jaber highlighted ADNOC Gas's strategic investments, totaling $4.9 billion, aimed at expanding processing capacity and reaching new customers. These initiatives are poised to enhance sales volumes by up to 20%, thereby solidifying the company's position in the global gas market.
Moreover, ADNOC Gas's international footprint expanded significantly in 2023, marked by the signing of liquefied natural gas (LNG) export agreements valued at up to $12 billion. These agreements not only secure future returns but also capitalize on the rising global demand for LNG as a transitional fuel, aligning with broader energy transition goals.
Looking ahead, Dr. Al Jaber outlined ambitious plans for the period between 2024 and 2029. ADNOC Gas intends to invest over $13 billion in domestic and international growth opportunities, with a focus on doubling LNG production capacity by 2028. This strategic move underscores the company's commitment to meeting evolving market demands and capitalizing on emerging opportunities.
In conclusion, ADNOC Gas's resounding success in 2023, coupled with its forward-looking growth strategy, positions it as a key player in the global energy landscape. As it continues to navigate dynamic market conditions, ADNOC Gas remains steadfast in its pursuit of delivering value to shareholders while contributing to sustainable energy solutions on a global scale.
