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07-04-2019 Media in\ Abu Dhabi
ADNOC Distribution was the most heavily traded stock, ending the day with a gain of 8% to AED 2.7 and 5.59 million shares, according to the latest closing price on the Abu Dhabi Securities Market.
The rise in the first trading session after the company’s general assembly on Thursday announced new changes in the policy of dividend distribution for the fiscal year 2019, which had a significant impact in enhancing the attractiveness of the stock.
ADNOC Distribution is an important shareholder of long-term investors who prefer to keep the stock for the company’s lucrative returns backed by strong fundamentals and a generous dividend policy, reflected in daily volumes.
Through its smart and flexible approach to changing local and regional capital markets, ADNOC Distribution has managed to maintain good price levels since its listing in December 2017. The share price has been rising since the beginning of the year until the close of 3 April 2019 (5.6 per cent) and EPS (14.4 per cent) and the book value per share (EPS) multiplied by 8.5 times and the market value of the listed shares was AED 30.625 billion.
The company’s general assembly approved Thursday the new dividend distribution policy, which includes dividend payout for 2019 to reach AED 2.39 billion and AED 2.57 billion for the year 2020, an increase of 63% over last year 2018. Profit distribution policy to match the strong financial performance of ADNOC Distribution and its strong financial position in 2018 as well as their confidence in the future growth of the company and its ability to increase future financial flows.
