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ADNOC Distribution amends dividends policy

ADNOC Distribution amends dividends policy
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ADNOC Distribution
ADNOCDIST
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Abu Dhabi – Mubasher: The board of Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) agreed to amend the dividend policy for 2024-2028.

The company will pay a dividend per financial year of AED 2.57 billion ($700 million), according to a bourse statement.

The dividends equal 20.57 fils per share or a minimum of 75% of net profit, compared to a minimum of 75% of distributable profits as per current policy.

Meanwhile, the proposal will be presented to the shareholders of ADNOC Distribution during the annual general meeting (AGM) scheduled for March 2024.

Earlier this month, the ADX-listed group unveiled cash dividends amounting to AED 1.28 billion for the second half (H2) of 2023.

As of 31 December 2023, ADNOC Distribution posted net profits attributable to the owners valued at AED 2.60 billion, compared to AED 2.74 billion in 2022.