Page 202 - ALEF EDUCATION PR REPORT OCTOBER 2024

10/4/24, 9:28 AM ADNH Catering IPO: Abu Dhabi company plans to list 40% of its shares on ADX | The National
Dividend outlook

ADNH Catering, advised by Citigroup, First Abu Dhabi Bank, Emirates NBD Capital and

Abu Dhabi Commercial Bank on the IPO, plans to pay a cash dividend of Dh60 million in

April 2025 following the listing.

For the year ending December 31, 2025, the company intends to pay a total cash dividend

of Dh180 million in two installments (expected in October 2025 and April 2026).

It further plans to increase the dividend for the following year (ending December 2026) by

a "minimum of 5 per cent to reflect increased confidence in the group’s earnings and

cashflow generation potential".

From January 1, 2027, ADNH Catering intends to adopt a dividend policy linked to the

group’s financial performance and will continue paying cash dividends on a semi-annual

basis.

M&A ambitions

The company operates across the health care, business and industry, defence, correctional,

and education sectors and has approximately 160 on-site kitchens that serve more than 260
clients through 350 contracts, and delivers more than 11 million meals a month.

ADNH Catering, which generates about 90 per cent of its revenue from the UAE market,

is optimistic about growth prospects in Saudi Arabia and plans to expand its business in

the kingdom by about 10 per cent annually going forward, Mr Cowley told The

National on Monday.

The company currently operates in Saudi Arabia through a joint venture with Compass

Group and Al-Rushaid Petroleum Investment Company. ADNH Catering controls 30 per

cent of the joint venture entity and is in talks with Saudi partners to increase its equity

holding in the company.

https://www.thenationalnews.com/business/markets/2024/09/30/adnh-catering-ipo-abu-dhabi-company-plans-to-list-40-of-its-shares-on-adx/ 5/6