The general assembly of ADNOC Distribution agreed to pay the second and last half of the dividends for the year 2019 at a value of 1.194 billion dirhams (9.55 fils per share), as these distributions are added to its predecessor in Last October of the same value.
According to Al-Bayan, the value of dividends for 2019 amounted to 2.39 billion dirhams (19.10 fils per share), which reflects an increase of 62% compared to 2018.
It is expected to increase dividends this year by 7.5% compared to its predecessor to reach 2.57 billion dirhams, according to the company's dividend policy.
The shareholders also agreed to amend the dividend policy to reach 2.57 billion dirhams for 2021 (compared to 75% of the distributable profits according to the current policy), and agreed to a dividend policy of no less than 75% of the distributable profits for the years 2022 and later, To match the strong financial position the company enjoyed at the end of 2019, and confidence in its ability to achieve strong financial flows in the future.
In spite of the current market situation, ADNOC Distribution is still proceeding with a firm and confident step towards implementing its strategic obligations and achieving smart growth. The company has fixed margins for retail fuel sales, which account for 70% of its total sales.
During 2019, the company showed the ability to achieve strong performance through its fuel and other operations, recording net profits of 2.2 billion dirhams (0.177 dirhams per share), reflecting an increase of 4.2% compared to 2018. Earnings before interest, tax, depreciation and amortization increased by 7.2% to reach 2.72 billion.
