ADNOC Distribution to pay $349m

Abu Dhabi, UAE-– ADNOC Distribution announced that it will pay its shareholders an interim dividend of AED1.285 billion ($350 million) for the first six months of 2022. 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 percent annual dividend yield (based on a share price of AED4.21 as of 27th September 2022). The company’s dividend policy sets a dividend equal to at least 75 percent of distributable profits. Over the first half of 2022, ADNOC Distribution opened 12 new stations in the UAE, of which four are in Dubai, taking its domestic network to 472 (Dubai: 35 stations) as of 30 June 2022. ADNOC Distribution also recently announced its milestone transaction to acquire a 50 percent stake in TotalEnergies Marketing Egypt, one of the top four fuel retail operators in Egypt. CEO of ADNOC Distribution Bader Saeed Al Lamki said, “ADNOC Distribution’s resilience and steadfast focus on smart growth has positioned us to confidently deliver on our strategic priorities, while ensuring attractive capital returns for our shareholders.”