ADNOC Distribution shares certified as Shari’a compliant

ADNOC Distribution shares certified as Shari’a compliant
Published: 25 August 2019 - 5 a.m.
By: Martin Menachery
ADNOC Distribution announced that its shares have been certified as Shari’a compliant based on the recent screening assessment made by the Unified Committee of Islamic Banks for Shari’a Screening of Equities – UAE. This certification enables brokerage arms of Islamic banks to trade ADNOC Distribution shares.

Commenting on the Shari’a compliance certification, Saeed Mubarak Al Rashdi, ADNOC Distribution’s acting chief executive officer, said: “We are delighted our shares have been certified as Shari’a compliant for the purpose of investment and trading. This certification paves the way for existing and new shareholders with a preference for Shari’a compliant stocks to invest in ADNOC Distribution, generating a broader investor base and contributing to increased liquidity for our shares.

ADNOC Distribution recently reported strong first half results, including a 4.3% year-on-year increase in net profit and a 21% year-on-year increase in free cash flow (EBITDA minus capital expenditures).

In April 2019, ADNOC Distribution announced a new dividend policy, representing an increase of 63% in the annual dividend for 2019 ($651mn) and 75% for 2020 ($700mn) compared to 2018. The company expects to pay an interim dividend of $325mn (half of the 2019 full year dividend) in October of this year, subject to board approval.

For the latest refining and petrochemical industry related videos, subscribe to our YouTube page.

Click here to add your comment

Please add your comment below
Your email address will not be published