The Board of Directors of ADNOC Distribution has approved the distribution of interim cash dividends to shareholders amounting to AED 1.285 billion ($350 million), equivalent to 10.285 fils per share, for the first half of 2024, according to what the company announced in a disclosure to the Abu Dhabi Stock Exchange on Monday.
The last date for purchasing the share to be entitled to these interim dividends will be September 26, 2024, and shareholders whose names are registered in the shareholders’ register on September 30 will be entitled to receive these cash dividends.
The first half dividend represents the first installment of the total dividend for 2024, which is expected to amount to AED 2.57 billion ($700 million), equivalent to 20.57 fils per share.
These dividends are in line with ADNOC Distribution’s approved five-year dividend policy for the years 2024-2028, which provides for an annual dividend distribution of AED 2.57 billion or no less than 75 percent of net profits, whichever is higher, subject to the discretion of the Board of Directors and the approval of the company’s shareholders.
In this context, it is expected that the second and final part of the 2024 profits will be paid in April 2025, in accordance with the recommendations of the Board of Directors and the approval of shareholders.
The 2024 dividend will provide an annual yield of 5.6%, based on a share price of AED 3.67 as of September 20, 2024.
ADNOC Distribution announced that its net profits in the first half of 2024 increased by 7.7 percent year-on-year to reach AED 1.17 billion ($319 million), supported by higher fuel sales, increased contributions from the company’s international business, and growth in non-fuel retail sales.
The total cash dividends paid by the company since the initial public offering amounted to AED 16.2 billion ($4.4 billion), including cash dividends for the first half of 2024.
