ADNOC Distribution hosts virtual annual General Assembly, announces dividend increase – ZAWYA

ADNOC Distribution hosts virtual annual General Assembly, announces dividend increase – ZAWYA

ABU DHABI- ADNOC Distribution announced that its dividend policy will see the 2020 dividend increase to AED2.57 billion, an increase of 7.5 percent compared to 2019.. In 2019, ADNOC Distribution successfully increased its In-Country Value, ICV, (procurement awarded to local suppliers) and the company will continue to identify opportunities to further increase spending on local suppliers and enhance its ICV contribution to the UAE economy.. During the formal agenda items at the Annual General Assembly, ADNOC Distribution shareholders approved a second and final dividend payment of AED1.194 billion (9.55 fils per share) for the year ended 31st December 2019.. The dividend payment comes on top of an interim AED1.194 billion (9.55 fils per share) dividend payment for the year, which was paid in October 2019, resulting in a full-year dividend of AED2.39 billion (19.10 fils per share), consistent with ADNOC Distribution's dividend policy approved by its shareholders in 2019, and being an increase of 62 percent compared to 2018.. The company's shareholders also approved amendments to the dividend policy for 2021 onwards, setting a AED2.57 billion dividend for 2021 (compared to minimum 75 percent of distributable profits as per current policy) and a dividend equal to at least