Shareholders of Adnoc Distribution, the fuel retailing subsidiary of the UAE’s state oil giant, on Sunday approved a Dh735 million (Dh5.88 fils per share) dividend payment, at the company’s first annual general meeting (AGM).
The dividend was approved following a report of the company’s performance, which highlighted the significant achievements the company made in 2017, Adnoc said.
It comes a matter of months after Adnoc Distribution’s listing on the Abu Dhabi Securities Exchange (ADX) in December last year.
Sultan Ahmad Al Jaber, board chairman of Adnoc Distribution, said in a statement: “The initial public offering (IPO), and recently announced fourth quarter and 2017 full year results, illustrate that Adnoc Distribution is in a strong financial position, with an enhanced level of profitability, healthy margins and significant opportunities for future growth.”
Adnoc says that the targeted dividend payout ratio announced last November puts it towards the top of all listed companies in the region.
“In the lead up to our IPO, Adnoc Distribution’s management team outlined a clear growth strategy, centred on offering more choice, service and convenience for fuel and non-fuel customers while also being more cost efficient. I am proud to say that we are ahead of schedule and we are delivering on the commitments that we made,” Al Jaber said.
Source: Gulf News