ADNOC Distribution general assembly meeting approves $200mn dividend

ADNOC Distribution general assembly meeting approves $200mn dividend
Published: 15 October 2018 - 1 a.m.
By: Martin Menachery

ADNOC Distribution’s shareholders have approved the board of directors’ recommendation to pay an interim dividend of $200mn ($0.016 per share), which was passed at the company’s general assembly meeting.

Dr Sultan Al Jaber, UAE minister of state and chairman of the ADNOC Distribution board of directors, said: “ADNOC Distribution has maintained its commitment to a progressive and consistent dividend policy, which is underpinned by our strong financial results delivered in the first half of 2018.”

“We wish to thank our shareholders for their trust in us and look forward to continuing to deliver on our strategy and the promises we made at the time of our initial public offering.”

ADNOC Distribution, listed on Abu Dhabi Securities Exchange under the symbol ‘ADNOCDIST’, is the leading fuel distributor in the UAE with an approximate 67% market share by number of retail fuel service stations, the largest market share in the wholesale segment, and the largest retail store network by number of sites.

ADNOC Distribution is also the leading marketer and distributor of fuels to commercial, industrial and government customers throughout the UAE, with a particularly dominant position in Abu Dhabi, and provides refuelling and related services at seven commercial airports in the UAE.

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