ADNOC Distribution to keep 2020 dividend policy steady

ADNOC Distribution to keep 2020 dividend policy steady

Dr. Sultan Al Jaber said that ADNOC Distribution's focus on customer experience was an integral part of the Company's success in 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.. The dividend payment comes on top of an interim $324 million (9.55 fils per share) dividend payment for the year, which was paid in October 2019, resulting in a full-year dividend of $650 million (19.10 fils per share), consistent with ADNOC Distribution's dividend policy approved by its shareholders in 2019, and being an increase of 62% compared to 2018.. The Company's shareholders also approved amendments to the dividend policy for 2021 onwards, setting a $700 million dividend for 2021 (compared to minimum 75% of distributable profits as per current policy) and a dividend equal to at least 75% of distributable profits from 2022 onwards, in recognition of the Company's strong financial position at the end of 2019 and confidence in the Company's growth prospects and cash-flow generation ability going forward.. Despite current market conditions, ADNOC Distribution's board of