ADNOC Distribution confident in "strong growth prospects and cash flow generation ability"
ADNOC Distribution met with local brokers and the Abu Dhabi Securities Exchange management t discuss its new dividend policy
ADNOC Distribution, the UAE’s largest fuel and convenience retailer met with local brokers and the Abu Dhabi Securities Exchange (ADX) management.
Acting CEO, Eng. Saeed Al Rashdi and Deputy CEO, John Carey along with other senior management discussed the recently announced progressive new dividend policy as well as reiterating their confidence in the Company’s strong growth prospects and cash flow generation ability going-forward.
The new dividend policy includes:
• An annual dividend for fiscal year 2019 of AED 2.39 billion (USD 650 million), equivalent to AED 0.1910 per share and a 63% increase compared to 2018
• An annual dividend for fiscal year 2020 of AED 2.57 billion (USD 700 million), equivalent to AED 0.2057 per share, a 75% increase compared to 2018
• A minimum payout of 75% of distributable profits from 2021 onwards
Eng. Saeed Al Rashdi said during the visit to ADX today: “We are grateful to ADX management for the invitation to visit the exchange. As a publicly traded company, we believe it is vital to develop and maintain a strong strategic partnership with the Exchange and all market participants. It’s important that we share our vision with the local brokers who deal with investors on a daily basis.”