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ADNOC Distribution announces AED 1.28bn dividends for H1-22

ADNOC Distribution announces AED 1.28bn dividends for H1-22
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Abu Dhabi – Mubasher: The board of Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) approved interim cash dividends worth AED 1.28 billion ($350 million) for the first half (H1) of 2022.

The ADX-listed firm will disburse 10.28 fils per share, according to a recent bourse filing.

In line with its dividend policy, the UAE-based company would pay out a minimum of AED 2.57 billion, equivalent to 20.57 fils per share, as dividends for 2022.

Subject to the board’s recommendation and shareholders’ approval, the H2-22 dividends are expected to be distributed in April 2023.

Bader Saeed Al Lamki, CEO of ADNOC Distribution, said: “The attractive value proposition that we offer is backed by our strong earnings, stable and predictable cash flows, and dividend policy that reaffirm our ongoing commitment to the shareholders.”

During the January-June 2022 period, ADNOC Distribution generated AED 1.56 billion in net profit, an annual surge of 35.60% from AED 1.15 billion.