Media ININ Economy We Trust
04-04-2019 Media in\ Abu Dhabi
ADNOCCDIN, a leading state-owned fuel and retail company, today approved a dividend policy adjustment to match its strong financial performance and stable financial position. In 2018, during the company’s general assembly meeting, where the new policy includes increasing the profits distributed for their confidence in the future growth of the company and its ability to increase financial flows in the future.
The policy includes an increase in the 2019 annual dividend according to the policy to become a dividend for the fiscal year 2019 worth AED 2.39 billion ($ 650 million), equivalent to AED 0.1910 per share, reflecting a 63% increase over 2018. Dividends for fiscal year 2020 Worth AED 2.57 billion ($ 700 million), equivalent to AED 0.2057 per share, reflecting a 75% increase over the year 2018.
According to the new policy, the company intends to distribute dividends at least 75% of the distributable profits for 2021 and beyond.
ADNOC Distribution will continue to pay half of the annual profits in October each year, while the second half will be paid in April of the following year. The new policy reflects the confidence of the shareholders in the company, which is supported by long-term growth, excellent balance sheet and flows The strong financial performance achieved by the company through good financial performance in 2018, the company recorded a net profit of AED 2,128 billion, reflecting an increase of 18% over 2017.
ADNOC Distribution shareholders also agreed to pay the second and final half of the dividend for the fiscal year ended December 31, 2018 at AED 735 million (AED0.0588 per share). These distributions are added to the initial distributions of AED 735 million (AED0.0588) In 2018, with a dividend of AED 1.47 billion (AED 0.1176 per share) for the year 2018, in line with ADNOC’s commitment to its shareholders since the initial public offering.
