Behind the stock market success of ADNOC’s $12bn distribution arm

SourceArabian Business
SectorOil & Gas
CountryUnited Arab Emirates

ADNOC Distribution’s market cap surged to AED44 billion ($12 billion) by the end of September, a 40 percent increase compared to its market value on the date of its listing back in 2017. The increase comes after a rise of 23.2 percent in the value of the company's share to AED3.57 from AED2.90 on the date of listing, according to data released by the Abu Dhabi Securities Exchange (ADX), where the company's equities are traded. Abu Dhabi Pension Fund and holding company ADQ will take an indirect stake in the pipelines unit ADNOC set up earlier this year In March, ADNOC Distribution's shareholders approved a second and final dividend payment of AED1.2 billion (9.55 fils per share) for the year ended December 31, 2019. The payment came on top of an interim dividend that more...