ADNOC Distribution announced today the approval of an interim dividend payment to shareholders for the first six months of 2022 of AED1.285 billion (10.285 fils per share), equivalent to US$350 million.
This is the first payment of what is expected to be a full-year 2022 dividend payment of minimum AED2.57 billion (20.57 fils per share), in line with the company’s dividend policy, with the second and final dividend for 2022 expected to be paid in April 2023, subject to the Board of Directors’ recommendation and shareholders’ approval.
The 2022 full-year dividend would offer a 4.9% annual dividend yield (based on a share price of AED4.21 as of 27th September 2022).
The company’s dividend policy for the years thereafter sets a dividend equal to at least 75% of distributable profits.
The policy recognizes the company’s strong financial position and cash-flow generation ability going forward, which will support growth opportunities and sustain attractive and shareholder returns.
Since its IPO in 2017, the company has enhanced payback to its shareholders through its progressive dividend policy with a dividend track record of AED1.47 billion for 2018, AED2.39 billion for 2019, AED2.57 billion for 2020, and AED2.57 billion for 2021, supported by robust cash generation and balance sheet strength.