Abu Dhabi’s ADNOC Distribution approves $350m interim cash dividend for H1 2021

Abu Dhabi’s ADNOC Distribution approves $350m interim cash dividend for H1 2021

Abu Dhabi’s fuel and convenience retailer ADNOC Distribution announced that its board of directors has approved an interim dividend payment of Dhs1.285bn (10.285 fils per share) to shareholders for the first six months of 2021. The amount of $350m is the first payment in what is expected to be a full-year 2021 dividend payment of Dhs2.57bn (Dhs20.57 fils per share), consistent with the company’s dividend policy. This would translate to a 4.9 per cent annual dividend yield for 2021 (based on a share price of Dhs4.16 as of September 30, 2021). As per the company’s approved policy, the second and final dividend for 2021 is expected to be paid in April 2022, subject to the board of directors’ recommendation and shareholders’ approval, official news agency reported. Since its IPO, the company has consistently increased cash payback to its shareholders with dividend of Dhs1.47bn for 2018, Dhs2.39bn for 2019 and Dhs2.57bn for 2020. The company reiterated its dividend policy for 2021 during its General Assembly meeting in March, with dividend of Dhs2.57bn, and announced an amendment to its dividend policy for 2022, setting a minimum of Dhs2.57bn dividend for 2022 (compared to minimum 75 per cent of distributable profits as per