DUBAI: ADNOC Distribution has announced AED1.285 billion ($350 million) as an interim dividend payment to shareholders for the first six months of 2021.
This is the first payment in what is expected to be a full-year 2021 dividend payment of AED 2.57 billion.
This would translate to a 4.9 percent annual dividend yield for 2021, ADNOC said and added that the second and final dividend for 2021 is expected to be paid in April 2022, subject to the Board of Directors’ recommendation and shareholders’ approval.
Since IPO, the company has increased cash payback to its shareholders with a dividend of AED1.47 bn for 2018, AED 2.39 billion for 2019 and AED 2.57 billion for 2020, ADNOC said.
The company has set a minimum of AED2.57 billion dividend for 2022.
The amended dividend policy provides further visibility of payback to shareholders until April 2023. The dividend policy for the years thereafter remains unchanged at a dividend equal to at least 75 percent of distributable profits.
ADNOC Distribution said it expects to continue to pay half of the annual dividend in October of the relevant year and a half in April of the following year.