UAE's ADNOC Distribution Board to consider payment of interim dividend

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ABU DHABI - ADNOC Distribution announced on Monday that its Board of Directors will meet on Sunday, September 29th, 2019, to consider and approve payment of an interim dividend for 2019, according to a disclosurUAE's ADNOC Distribution Board to consider payment of interim dividende statement published in the website of Abu Dhabi Securities Exchange, ADX.

In April 2019, the company’s shareholders approved a new dividend policy, which provides for an annual dividend for fiscal year 2019 of AED 2.39 billion (US$ 650 million), equivalent to AED 0.1910 per share and a 63 percent increase compared to 2018; an annual dividend for fiscal year 2020 of AED 2.57 billion (US$ 700 million), equivalent to AED 0.2057 per share, a 75 percent increase compared to 2018; and a minimum payout of 75 percent of distributable profits from 2021 onwards.

In each case, the dividend is subject to the discretion and approval of the Board of Directors. As announced at the time, the company intends to continue to pay half of the annual dividend in October of the relevant year and half in April of the following year.