Abu Dhabi – Mubasher: The ordinary general meeting (OGM) of Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) has approved a cash dividend distribution of AED 1.28 billion for the second half (H2) of 2021.
The H2-21 dividend payout has raised the total value of cash dividends for 2021 to AED 2.57 billion or 20.57 fils per share, accounting for 257.1% of the company's share capital, according to a recent press release.
The last entitlement date and ex-dividend dates were scheduled on 31 March and 1 April, respectively.
The company has set a dividend policy with a minimum of AED 2.57 billion for 2022 and a yearly dividend equal to at least 75% of distributable profits from 2023 onwards.
The Chairman of ADNOC Distribution, Sultan Ahmed Al Jaber, said: "ADNOC Distribution is well-positioned to grow its earnings amid economic recovery and driven by our expansion in domestic and international markets, while continuing to explore new opportunities to accelerate growth."
Meanwhile, the CEO of ADNOC Distribution, Bader Saeed Al Lamki, commented: "In 2021, we delivered sound and strategic growth. Our focus on continued expansion in the UAE was complimented by the development of our business in international markets, namely Saudi Arabia."
It is noteworthy to mention that in 2021, the company's net profits decreased by 7.4% year-on-year (YoY) to AED 2.25 billion in 2021.
