Fuel retailer ADNOC Distribution’s shareholders approved an AED 735 million (AED 5.88 fils per share) dividend payment at the company’s first Annual General Meeting (AGM).
The dividend was approved following a report of the company’s performance, which highlighted the significant achievements the company made in 2017, ADNOC said in a statement.
ADNOC Distribution listed on the Abu Dhabi Securities Exchange (ADX) on December 8th 2017 and shares were priced at AED 2.50, giving the company a market capitalisation of approximately AED 31.3 billion at the time of listing.
“The IPO and recently announced fourth quarter and 2017 full year results illustrate that ADNOC Distribution is in a strong financial position, with an enhanced level of profitability, healthy margins and significant opportunities for future growth,” Dr Sultan Ahmed Al Jaber, ADNOC Distribution Board Chairman and ADNOC Group CEO said in a statement.
“The targeted dividend payout ratio we announced last November puts us near the top of major listed companies in the region, and we are determined to reward you, our shareholders, for believing and trusting in us,” he said, adding that the announced dividend was in-line with plans.
ADNOC Distribution in 2017 launched 24 new stations in the UAE, and announced plans to open 13 new stations in 2018, including for the first time in Dubai, where construction has started on three stations.
ADNOC is a 90 per cent shareholder in ADNOC Distribution. “ADNOC is fully committed to the success of ADNOC Distribution and we will continue to leverage all resources at our disposal to ensure its continued success and growth,” Dr Al Jaber added.