Abu Dhabi (Etihad)
ADNOC Distribution announced yesterday the approval to pay interim dividends to shareholders for the first half of 2022 worth 1.285 billion dirhams (10.285 fils per share), equivalent to $350 million, and this is the first batch of dividends in 2022.
Its value is expected to be no less than 2.57 billion dirhams (20.57 fils per share), according to the company’s dividend policy, and the second part of the dividend for 2022 is expected to be paid in April 2023, according to the company’s dividend policy. board’s discretion and shareholders’ approval.
Dividend for the full year 2022 will yield a dividend of 4.9% (based on the share price of AED 4.21 as on 27 September 2022).
For subsequent years, the company’s dividend policy stipulates a dividend of at least 75% of the distributable profit. The dividend policy reflects the company’s strong financial position and confidence in its ability to achieve strong financial flows in the future, which will support growth opportunities and maintain profitable returns for shareholders.
Since the company’s IPO in 2017, the company has provided its shareholders with improved returns thanks to its bottom-up dividend policy. And it maintained a strong record of dividends as 2018 offered dividends of 1.47 billion dirhams and in 2019 dividends amounted to 2.39 billion dirhams and in 2020 the company distributed profits of 2.57 billion dirhams and in 2021 dividends of 2 .57 billion dirhams were distributed. This policy was supported by the company’s strong cash flow and balance sheet.
During the first half of the year, ADNOC Distribution also expanded the scope of exports of its lubricating oils, ADNOC Voyager lubricants, which are now exported to 21 global markets.
ADNOC Distribution also launched a range of ADNOC “Voyager” green lubricants, alternative lubricants for petrol and diesel engines, made using 100% plant-based base oils.
ADNOC Distribution also recently announced the largest investment deal in its history to acquire a 50% stake in Total Energy Marketing, Egypt, one of the four largest fuel distribution companies in Egypt.
Bader Saeed Al Lamki, CEO of ADNOC Distribution, said: “ADNOC Distribution’s flexibility and focus on the smart growth strategy has helped to achieve our strategic goals while ensuring rewarding returns for shareholders.”