UAE: ADNOC approves over Dh1 billion interim dividend payment to shareholders

UAE: ADNOC approves over Dh1 billion interim dividend payment to shareholders

This is the first of what is expected to be a full-year 2022 dividend payment of minimum Dh2.57 billion

Published: Wed 28 Sep 2022, 1:20 PM Last updated: Wed 28 Sep 2022, 1:21 PM

ADNOC Distribution the UAE’s largest fuel and convenience retailer, announced today the approval of an interim dividend payment to shareholders for the first six months of 2022 of Dh1.285 billion (10.285 fils per share), equivalent to $350 million.

This is the first payment of what is expected to be a full-year 2022 dividend payment of minimum Dh2.57 billion (20.57 fils per share), in line with the company’s dividend policy, with the second and final dividend for 2022 expected to be paid in April 2023, subject to the Board of Directors’ recommendation and shareholders’ approval.

The 2022 full-year dividend would offer a 4.9 per cent annual dividend yield (based on a share price of Dh4.21 as of September 27 2022).

The company’s dividend policy for the years thereafter sets a dividend equal to at least 75% of distributable profits. The policy recognizes the company’s strong financial position and cash-flow generation ability going forward, which will support growth opportunities and sustain attractive and shareholder returns.

Since its IPO in 2017, the company has enhanced