Abu Dhabi – Mubasher: The ordinary general meeting (OGM) of Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) has approved the amendment to the company’s dividend policy for 2022.
The new policy has set a minimum of AED 2.57 billion dividends or 20.57 fils per share, compared to a minimum of 75% of distributable profits as per current policy, according to a recent bourse filing.
The years following 2022 will remain unchanged at a dividend distribution, equal to at least 75% of distributable profits.
During their meeting, the shareholders also agreed on the proposal to distribute cash dividends of AED 1.285 billion or 10.285 fils per share for the second half (H2) of 2020.
Hence, the total cash dividend for 2020 will increase to AED 2.57 billion or 20.57 fils per share.
It is noteworthy to mention that in 2020, the company’s net profits increased by 9.7% to AED 2.432 billion, compared to AED 2.153 billion in 2019.
