ADNOC Distribution reinforces commitment to growth in 2023

ADNOC Distribution reinforces commitment to growth in 2023

ABU DHABI, 16th March, 2023 (WAM) -- ADNOC Distribution, the UAE’s largest fuel and convenience retailer, announced today that its shareholders have approved all agenda items, including an amendment to its 2023 dividend policy at its Annual General Assembly Meeting.

The Company’s strong 2022 results, with robust and continued growth, have enabled the setting of an attractive dividend policy with a minimum AED 2.57 billion dividends at 20.57 fils per share for 2023, compared to a minimum 75 percent of distributable profits as per previous policy.

The dividend policy for the years thereafter remains unchanged at a dividend equal to at least 75 percent of distributable profits.

The approved dividend policy amendment recognises the Company’s strong financial position at the end of 2022 and confidence in its growth prospects and cash-flow generation ability going forward. ADNOC Distribution remains confident and steadfast in the delivery of its strategic commitments and sustainable returns for its shareholders.

Shareholders also approved a second and final dividend payment of AED 1.285 billion at 10.285 fils per share for the year ending on 31st December 2022, which will be paid in April 2023. This dividend payment comes on top of an interim AED 1.285 billion at 10.285 fils per share