For the first 6 months of 2020
ADNOC Distribution approves interim dividends of 1.28 billion dirhams
The Company is accelerating the implementation of its strategy for smart growth by opening 37 new stations.
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The Board of Directors of ADNOC Distribution approved the distribution of interim dividends, amounting to 1.285 billion dirhams (10.285 fils per share) for the first six months of this year, to the company's shareholders.
It is the first part of the total dividends for the current year, which the company expects to reach 2.57 billion dirhams (20.57 fils per share), representing an increase of 7%, compared to last year's dividends, which amounted to 2.39 billion dirhams (19.10 fils per share).
The company announced an amendment to its dividend distribution policy during the company's general assembly meeting, which was held last March, for the years 2021 and beyond, where dividends of 2.57 billion dirhams are scheduled for the year 2021, in addition to a minimum dividend distribution of 75% of the distributable profits from the year 2022 onwards, according to the recommendation of the company's board of directors and the approval of the shareholders.
And «ADNOC Distribution» expects to continue distributing half of the annual profits in October of this year, and the remaining half of the profits, during April of the following year.
The new dividend policy reflects the company's strong record of gradually increasing its dividend distribution to its shareholders.
It also expected that the second part of dividends for the year 2020 will be paid in April 2021, in accordance with the approved dividend policy, and in accordance with the recommendation of the company's board of directors and the approval of the shareholders.
Despite the exceptional circumstances, the company continued to accelerate the implementation of its smart growth strategy, by opening 37 new stations across the Emirates by the end of September 2020, representing seven times the number of stations opened during the same period last year.
The company is also moving forward with its plans to open 50 to 60 new stations during 2020, including 20 to 25 stations in Dubai.
“Our bottom-up policy for dividend distribution demonstrates our commitment to our shareholders, as we move towards achieving our strategic priorities,” said Acting CEO of ADNOC Distribution, Ahmed Al Shamsi.
Last day to buy stocks
Shareholders of "ADNOC Distribution", registered in the shares registry on October 11, 2020 (the date of the registry's closing), are entitled to receive interim dividends, which means that the last day on which shares are allowed to be purchased, and the conditions for eligibility to receive dividends are fulfilled, is October 7th Current, while the dividend will be actually paid, within a 30-day period, from the date of the company's board of directors approval.
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