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ADNOC Distribution nods to 5.88 fils/shr cash dividend

ADNOC Distribution nods to 5.88 fils/shr cash dividend
The cash dividends amount to 5.88 fils per share
ADNOC Distribution
ADNOCDIST
-0.55% 3.64 -0.02

Abu Dhabi – Mubasher: UAE-based ADNOC Distribution’s shareholders have approved the distribution of a cash dividend for the first half of the current fiscal year 2017/2018. 

The cash dividends amount to 5.88 fils per share, the company said in a statement to the Abu Dhabi Securities Exchange (ADX) on Sunday.

The last date for registration or participation in the dividends is 22 October 2018, while maturity has been set to 24 October.

The dividend distribution will be carried out within 30 days from the date of the general assembly’s decision, the statement added.

ADNOC recorded an 18% rise in profits in the first half of 2018 to AED 1.124 billion, compared to AED 951.8 million for the comparable period of 2017, it said previously. 

Meanwhile, revenues had increased 16%, while profit margin grew to 23.8% in H1-18 from 22.4% 2017.

The company’s total fuel sales in the first half of 2018 fell 1% to 4.763 billion litres, the data showed.

It is noteworthy that ADNOC Distribution’s operations make up about 67% of the local market. It is also the exclusive fuel provider in Abu Dhabi and Sharjah.