ADNOC Distribution nods AED735 million dividends

ABU DHABI,ADNOC Distribution’s shareholders have approved the Board of Directors’ recommendation to pay an interim dividend of AED735 million (AED0.0588 per share), at the company’s General Assembly meeting today.

Dr. Sultan bin Ahmad Sultan Al Jaber, Minister of State and Chairman of the ADNOC Distribution Board of Directors, said: “ADNOC Distribution has maintained its commitment to a progressive and consistent dividend policy, which is underpinned by our strong financial results delivered in the first half of 2018. We wish to thank our shareholders for their trust in us and look forward to continuing to deliver on our strategy and the promises we made at the time of our initial public offering.”

ADNOC Distribution, listed on the Abu Dhabi Securities Exchange (ADX) under the symbol “ADNOCDIST”, is the leading fuel distributor and convenience store operator in the UAE with an approximate 67 percent market share by number of retail fuel service stations, the largest market share in the wholesale segment, and the largest retail store network by number of sites.

ADNOC Distribution operates 363 retail fuel stations and 240 ADNOC Oasis convenience stores as of 30 June 2018 in the emirates of Abu Dhabi and Sharjah, in each of which the Company is the sole fuel retailer, and in the emirates of Ajman, Fujairah, Ras Al Khaimah and Umm Al Qaiwain. The company is also the leading marketer and distributor of fuels to commercial, industrial and government customers throughout the UAE, with a particularly dominant position in Abu Dhabi, and provides refueling and related services at seven commercial airports in the UAE.

Source: Emirates News Agency