Adnoc Distribution shareholders approve proposal to increase dividend

Adnoc Distribution shareholders approve proposal to increase dividend

Shareholders of Adnoc Distribution approved a proposal to increase the company's dividend by 7.5 per cent for 2020 and to maintain a similar pay-out for the next two years.

Investors agreed to a Dh1.285 billion ($350 million) pay-out for the second half of 2020, bringing the full-year dividend to Dh2.57bn, or 20.57 fils per share. They also agreed to a policy to pay out at least the same amount in 2021 and 2022, with dividends in future years reverting to a minimum of 75 per cent of distributable profits.

The UAE's biggest fuel distributor said the dividend policy approved recognised its strong financial position