Mubasher TV
Contact Us Advertising   العربية

ADNOC Distribution to pay AED 1.194bn in H2 dividends

ADNOC Distribution to pay AED 1.194bn in H2 dividends
The full-year cash dividends amounted to AED 2.39 billion

Abu Dhabi – Mubasher: The shareholders of ADNOC Distribution approved to distribute the second cash dividends of AED 1.194 billion or 9.55 fils per share for fiscal year 2019.

Therefore, the full-year cash dividends amounted to AED 2.39 billion or 19.10 fils per share, up 62% when compared to 2018, which is in line with the company's dividend policy adopted in 2019, according to the company's press release on Tuesday.

As per the company's dividend policy, the 2020 dividends will jump by 7.5% to AED 2.57 billion, versus 2019.

During the ordinary general meeting (OGM), the shareholders have also agreed on amending the 2021 policy to settle the dividends at AED 2.57 billion.

 The CEO of the ADNOC Group, Sultan Ahmed Al Jaber, said: "ADNOC Distribution shares offers a unique value proposition to shareholders and investors with a combination of low exposure to oil price volatility, predictable and healthy cash flows, strong growth potential and an attractive dividend policy (7.6% at a share price of AED2.70 as on 31st March 2020) that offers high income visibility.” 

It is noteworthy to highlight that in 2019, ADNOC Distribution's net profits rose to 4.2% to AED 2.218 billion from AED 2.128 billion in 2018.