Latest news with #Dh2.7
Khaleej Times
27-03-2025
- Business
- Khaleej Times
Emaar Development approves Dh2.7 billion dividend for 2024
Emaar Development on Thursday announced that its shareholders have approved the board of directors' proposal to distribute a dividend of Dh2.7 billion ($740 million), representing 68 per cent of the share capital. During the company's annual general meetings, shareholders approved the board's report on the company's activities and financial position, as well as the auditor's report, were also approved. Emaar Development reported property sales of Dh65.4 billion in 2024, reflecting a 75 per cent increase compared to the previous year. The company's revenue backlog reached Dh90.9 billion, supporting future revenue growth. Total revenue for the year amounted to Dh19.1 billion, up 61 per cent from 2023, while net profit before tax increased by 20 per cent to Dh10.2 billion. Throughout 2024, Emaar Development launched 62 projects across its master plans, further strengthening its presence in the market and reinforcing its commitment to shaping high-quality communities. The company also acquired 141 million square feet of prime development land, with a total development value of Dh96 billion. Mohamed Alabbar, founder of Emaar, commented: 'Our 2024 results are a testament to our focus on excellence, innovation, and customer satisfaction. Every project we launch is about more than just real estate—it's about building communities that enhance the lives of residents and contribute to Dubai's global appeal.' He added: 'By embracing technology and sustainability, we aim to redefine modern living while ensuring lasting value for our customers and stakeholders. Looking ahead to 2025, we will further strengthen our commitment to introducing new developments that align with our vision for sustainable urban growth, while supporting economic growth and nurturing the next generation of talent.'
Khaleej Times
25-03-2025
- Business
- Khaleej Times
Adnoc L&S to distribute $273 million dividend as company delivers unprecedented growth in 2024
Adnoc Logistics & Services Plc, a global energy maritime logistics leader, on Tuesday a final dividend of $136.5 million (Dh501.3 million), bringing the 2024 full-year dividend to $273 million (Dh1.001 billion), a five per cent increase year-on-year, in line with Adnoc L&S' progressive dividend policy. The final dividend, equivalent to 6.78 fils per share, will be paid to shareholders on record as of April 3, 2025. In 2024, Adnoc L&S's revenue increased 29 per cent year-on-year to over $3.5 billion (Dh13 billion), while net profit rose 22 per cent to $756 million (Dh2.7 billion). Ebitda grew 31 per cent year-on-year. Since its 2023 IPO, the company's share price has increased by 178 per cent, significantly outperforming the ADX. The company anticipates year-on-year revenue growth from 2024 to 2025 in the mid to high 40 per cent range. Over the medium term (2026-2029), it expects to deliver a revenue CAGR in the low single-digit range. Adnoc L&S expects year-on-year Ebitda growth from 2024 to 2025 in the high teens. In the medium term (2026-2029), the company targets an Ebitda CAGR in the high single-digit range. The company anticipates year-on-year net income from 2024 to 2025 in the low double-digit range. Over the medium term (2026-2029), it expects a net income CAGR in the high single digit range. Adnoc L&S anticipates an additional $3 billion+ of value-accretive organic investment spend by 2029, beyond the projects already announced and incorporated in guidance, applying the same investment return criteria. The company is targeting a 2.0-2.5x net debt / Ebitda ratio over the medium term, with the recently committed hybrid capital instrument, debt, and free cash flows after dividends, the primary funding sources for committed and anticipated growth investment. Dr Sultan Al Jaber, Chairman of Adnoc L&S, said: '2024 was a transformative year for Adnoc L&S, marked by accelerated global expansion, record financial performance, and bold strategic moves. We continued to strengthen our fleet and completed a pivotal $1.0 billion (Dh3.7 billion) acquisition of 80 per cent of Navig8, significantly enhancing our global reach and operational capabilities. Our strong performance in 2024 allowed us to deliver outstanding shareholder value, including a five per cent increase in our full-year dividend, while advancing sustainability, innovation, and industry leadership. As we look ahead, Adnoc L&S is positioned for continued growth, driven by organic expansion, strategic acquisitions, and cutting-edge technology investments. With a growing fleet of next-generation vessels and a steadfast commitment to efficiency and sustainability, we remain focused on delivering Adnoc's energy to the world while contributing to the UAE's economic ambitions. The momentum we have built sets the stage for an even more exciting future.' Captain Abdulkareem Al Masabi, CEO of Adnoc L&S, said: 'Adnoc L&S is well-positioned for continued success. We are unwavering in our commitment to growth, both organic and through strategic acquisitions, and this will continue to deliver value to customers, shareholders, and the UAE. We are equally committed to developing Emirati talent and supporting the UAE economy, having invested nearly Dh1 billion in workforce development and local partnerships in 2024. Adnoc L&S remains a key contributor to Adnoc's In-Country Value (ICV) program, fostering the next generation of maritime industry leaders.' In 2024, Adnoc L&S continued executing one of the industry's largest fleet expansion programs, securing 21 new environmentally efficient vessels equipped with low-emission dual-fuel engines. The Company also took delivery of its first of six newbuild LNG carriers, with the second expected in May 2025. In 2024, the Company achieved an 11 per cent reduction in carbon intensity compared with the previous year, with a 56 per cent reduction in fleet emissions since 2019, aligning with Adnoc's broader decarbonization objectives. The integrated logistics business segment saw significant expansion, securing hire contracts for 19 jack-up barge deployments and acquiring 20 offshore assets. These developments reinforce Adnoc L&S' leadership in offshore logistics, supporting Adnoc's broader energy growth strategy. Adnoc L&S achieved an 11 per cent reduction in carbon intensity in 2024 compared to the previous year, with a 56 per cent reduction in fleet emissions since 2019. Adnoc L&S is advancing the industry's digital transformation, investing in AI-powered solutions, such as AIQ's SMARTi safety monitoring and the Integrated Logistics Management System (ILMS), to enhance safety, optimise operations, and reduce delays.
Al Etihad
25-03-2025
- Business
- Al Etihad
ADNOC L&S shareholders approve $273 million dividend in 2024
25 Mar 2025 12:01 ABU DHABI (ALETIHAD) ADNOC Logistics & Services Plc (ADNOC L&S) on Tuesday announced shareholder approval of all agenda items at its Annual General Meeting, including a final dividend of $136.5 million (Dh501.3 million), bringing the 2024 full-year dividend to $273 million (Dh1,001 million), a 5% increase year-on-year, in line with ADNOC L&S' progressive dividend final dividend, equivalent to 6.78 fils per share, will be paid to shareholders on record as of April 3, Sultan Al Jaber, Chairman of ADNOC L&S, said, '2024 was a transformative year for ADNOC L&S, marked by accelerated global expansion, record financial performance, and bold strategic moves.'We continued to strengthen our fleet and completed a pivotal $1.0 billion (Dh3.7 billion) acquisition of 80 percent of Navig8, significantly enhancing our global reach and operational capabilities. Our strong performance in 2024 allowed us to deliver outstanding shareholder value, including a 5 percent increase in our full-year dividend, while advancing sustainability, innovation, and industry leadership.'He added that ADNOC L&S is positioned for continued growth, driven by organic expansion, strategic acquisitions, and cutting-edge technology investments."With a growing fleet of next-generation vessels and a steadfast commitment to efficiency and sustainability, we remain focused on delivering ADNOC's energy to the world while contributing to the UAE's economic ambitions. The momentum we have built sets the stage for an even more exciting future,' Dr. Al Jaber L&S delivered exceptional financial growth, driven by strong market demand, strategic acquisitions, and operational increased 29% year-on-year to over $3.5 billion (Dh13 billion), while net profit rose 22% to $756 million (Dh2.7 billion).EBITDA grew 31% year-on-year, reflecting ADNOC L&S' ability to scale operations while maintaining its 2023 IPO, the company's share price has increased by 178%, significantly outperforming the ADX and strengthening investor trust in ADNOC L&S' long-term Abdulkareem Al Masabi, CEO of ADNOC L&S, said, 'ADNOC L&S is well-positioned for continued success. We are unwavering in our commitment to growth, both organic and through strategic acquisitions, and this will continue to deliver value to customers, shareholders, and the UAE.'We are equally committed to developing Emirati talent and supporting the UAE economy, having invested nearly Dh1 billion in workforce development and local partnerships in 2024. ADNOC L&S remains a key contributor to ADNOC's In-Country Value (ICV) programme, fostering the next generation of maritime industry leaders.'In 2024, ADNOC L&S continued executing one of the industry's largest fleet expansion programmes, securing 21 new environmentally efficient vessels equipped with low-emission dual-fuel engines. The company also took delivery of its first of six newbuild LNG carriers, with the second expected in May 2024, the company achieved an 11% reduction in carbon intensity compared with the previous year, with a 56% reduction in fleet emissions since 2019, aligning with ADNOC's broader decarbonization objectives. The Integrated Logistics business segment saw significant expansion, securing hire contracts for 19 jack-up barge deployments and acquiring 20 offshore assets. These developments reinforce ADNOC L&S' leadership in offshore logistics, supporting ADNOC's broader energy growth strategy.
Al Etihad
13-03-2025
- Business
- Al Etihad
TECOM Group shareholders approve Dh400 million cash dividend for H2 2024
11 Mar 2025 12:08 DUBAI (WAM)TECOM Group shareholders have approved the financial statements for the year that ended December 31, 2024 as well as the recommendation by the Board of Directors to distribute a cash dividend of Dh400 million (8 fils per share) for the second half of 2024, bringing total cash dividends to Dh800 million (16 fils per share), in line with the approved dividend policy in place until the end of the first half of announcement came during the Annual General Assembly Meeting, where shareholders re-elected the Board of Directors and approved the financial statements for the year that ended December 31, of TECOM Group, Malek Al Malek, said, "TECOM Group's strong performance through 2024 has allowed us to implement our strategic investments. This includes Dh2.7 billion of investments to deliver sustainable growth as we continue to expand and contribute to Dubai's economic success whilst providing increased returns for our shareholders."TECOM Group announced an 11 percent year-on-year (YoY) increase in revenues to Dh2.4 billion, with occupancy and retention rates of 94 percent and 92 percent, respectively. Full year net profits grew by 14 percent YoY to Dh1.2 billion with funds from operations (FFO) of Dh1.6 billion, led by improved collections and income-generating assets' performance.
The National
02-03-2025
- Business
- The National
How the start of Abu Dhabi's oil and gas journey made a spectacular comeback
One of Abu Dhabi's newest luxury resorts, The Anantara Santorini hotel, is just 45 minutes from the capital along the E11 motorway, on the coast near Ghanadhah. But back in 1950 it was a remote and inaccessible spot, almost impossible to visit by vehicles and guarded by sabka, the deceptive mix of sand hardened with gypsum and salt that turned into a quagmire with the first rains of winter. It was on the beach here, 75 years ago, now overlooked by a five-star replica of a Greek village, that men and machines first arrived by sea to begin Abu Dhabi and the UAE's journey towards becoming an oil and gas superpower. Just 20 kilometres away lay Ras Sadr, identified as the first site for drilling by what was then known as Petroleum Development (Trucial Coast), the concession granted by the then Ruler of Abu Dhabi, Sheikh Shakhbout bin Sultan. Sheikh Shakhbout was a patient man, which was fortunate as negotiations to award a concession for oil exploration in the emirate had started nearly two decades earlier. An agreement had been reached in January 1939, promising the Ruler a lump sum of 300,000 Gulf rupees, the currency of the year, and 100,000 rupees every year until oil was found. Allowing for inflation, that translates to more than Dh8.32 million for the initial instalment at today's prices, and Dh2.7 million every year after. Useful income for what was then a poor country, but nothing compared to the riches that would flow along with oil in commercial quantities. Eight months later, the Second World War broke out, with the oil company representative Basil Lermitte regretfully telling Sheikh Shakhbout that 'the company's exploration programme for this year in Your Excellency's territory has had to be temporarily abandoned owing to the international emergency'. 'Temporary' turned out to be over a decade, for even when the war ended in 1945, it would be several years before the oil men returned to begin their explorations. Finally, though, in early 1950 the British political agent in the Gulf was able to report to his superiors in London that 'The drilling rig of the Petroleum Development (Trucial Coast) Limited, has already been completed to a height 140 feet (45m) at Ras Sadr (Abu Dhabi territory) and the drilling for oil will be commenced on the 15th'. Arriving on barges, equipment was hauled to the site by a fleet of Land Rovers and massive Dodge Power Wagons. For the next 14 months, the giant rig, visible for miles across empty desert, drilled ever deeper. By April, it had become the deepest well in the Middle East at 3,962m – equal to nearly five Burj Khalifa's stacked on top of each other. And yet apparently it was all for nothing. Only traces of oil were found, and nothing to indicate significant quantities. A second well the following year near Jebel Ali also proved dry. It was only in 1958 that oil was finally struck off the coast of Abu Dhabi. The long promised oil revenue came in 1962. Ras Sadr remained as a monument to the start, if not the conclusion of the UAE's modern economic prosperity. In 1999, a small memorial was created on the drilling site, marked only by a concrete square, in a ceremony attended by three elderly Emiratis who had worked there nearly 50 years earlier. But as it turns out, Ras Sadr was not quite the failure first thought all those years ago. Last May, Abu Dhabi National Oil Company (Adnoc), made surprising announcement. A huge reserve of natural gas reserves had been discovered under the site with the capacity to produce 100 million standard cubic feet every 24 hours - equivalent to produce enough to supply a country of the size of Sweden for an entire day. How had not been spotted all those years ago? The answer is the huge advances in technology led by Adnoc, including a 3D mega seismic survey started in 2018 which covered the entirety of Abu Dhabi both on land and offshore. Interpreting the results of the survey using artificial intelligence and other advanced digital technologies had led to the new discovery. Three quarters of a century ago, hitting natural gas when prospecting for oil had been a dangerous hazard. Just three years after drilling ended at Ras Sadr, drilling a third well at Murban ended in tragedy when poisonous fumes from escaping sour gas caused the deaths of two oil company engineers. Once considered a nuisance in oilfields that had to be burnt in a process known as flaring, natural gas is now recognised as a value resource in great demand, with exports of liquid natural gas (LNG) from the UAE now worth over $7bn (Dh25.7bn) annually. Today, Ras Sadr stands as both a historical landmark and a testament to the UAE's ability to turn past failures into future successes. What was once dismissed as an unproductive well is now poised to play a crucial role in Abu Dhabi's energy strategy and serve as a reminder that, in the world of energy, the journey is never truly over.
