Abu Dhabi - Mubasher: ADNOC Distribution, listed on the Abu Dhabi Securities Exchange (ADX), on Monday announced that its board of directors considers an interim dividend distribution for 2019.

The board members will meet on Sunday, 29 September, to approve payment of the interim dividend, according to a press release.

In April, a new dividend policy was approved by the company’s shareholders, upon which annual dividends for 2019 have been raised by 63% year-on-year to AED 2.39 billion ($650 million), as well as dividends for 2020 have been increased to AED 2.57 billion ($700 million).

The new policy also included a minimum payout of 75% of distributable profits from 2021 onwards.

The dividend is subject to the board’s approval, the ADX-listed company said, adding that it plans to maintain paying half of the annual dividend in October 2019 and a half in April 2020.

In August, ADNOC Distribution revealed it had generated a net profit of AED 1.173 billion for the first half of 2019, up 4.3% year-on-year from AED 1.124 billion.