Abu Dhabi – Mubasher: The board of ADNOC Drilling Company suggested cash dividends worth $341.25 million for the second half (H2) of 2022.
The H2-22 dividends increased by 5% year-on-year (YoY) to 7.83 fils per share, according to a press release.
Meanwhile, the board’s recommendation is subject to the approval of the shareholders at the next annual general meeting (AGM).
ADNOC Drilling unveiled $682.50 million or 15.67 fils per share as cash dividends for the full year. This aligns with the ADX-listed company’s dividend policy, as the annual distribution is forecast to rise by a minimum of 5% on a dividend per-share basis during the 2023-2026 period.
Abdulrahman Abdullah Al Seiari, CEO of ADNOC Drilling, commented: “The attractive value proposition that we offer is backed by our recently published record 2022 results, stable and predictable cash flow, and a progressive dividend policy that reaffirms our ongoing commitment to shareholders.”
“As we acquire and deploy new rigs, expanding our services even further, our revenue will grow along with shareholder returns,” Al Seiari mentioned.
Last year, ADNOC Drilling generated $801.80 million in net profit, up 33% from $603.91 million in 2021.
