ADNOC Distribution said in a statement that it has approved an interim dividend of $350 million for the first half of 2024, equivalent to 10,285 files per share.
Publish dateTuesday 24 September 2024 - 10:08
According to Amac News: ADNOC's announcement states that this action emphasizes the company's commitment to provide stable and attractive returns to its shareholders.
The announcement stressed that the deadline to purchase shares to qualify for the interim dividend is September 26, 2024.
The H1 dividend is the first installment of a $700 million dividend in 2024, equivalent to 20.57 fils per share.
This is in line with ADNOC Distribution's five-year dividend policy, which calls for an annual dividend of $700 million or at least 75% of net profit from 2024 to 2028, whichever is greater.
The second and final dividend for 2024 is expected to be paid in April 2025, subject to board recommendation and shareholder approval. Full Year Dividend 2024 provides a dividend yield of 5.6% based on the share price of AED 3.67 as of September 20, 2024.
The dividend policy provides a long-term view of expected shareholder returns and a potential increase in future earnings growth, reinforcing ADNOC Distribution's commitment to creating consistent shareholder value.
In the first half of 2024, ADNOC Distribution reported a 16% YoY increase in earnings before interest, tax, depreciation and amortization (EBITDA) to $515 million, up 7.7% YoY.
Net income increased to $319 million, driven by increased fuel volumes, increased participation in international operations and growth in the non-fuel retail business.
The company generated free cash flow of $488 million in the first half of 2024, which easily covered the $350 million dividend.
Since its IPO in 2017, ADNOC Distribution has delivered solid returns to shareholders through increasing market capitalization and consistent dividends.
In addition to the dividend policy, ADNOC Distribution unveiled a new five-year growth strategy earlier this year, focusing on domestic growth, international platforms, future-proofing the business, increasing digital capabilities and increasing operational efficiency.
ADNOC Distribution remains committed to exploring growth opportunities in fuel and non-fuel retail as well as new revenue streams from energy transmission.
The company is eager to expand its new mobility solutions, including electric vehicle (EV) charging, while focusing heavily on sustainability-based initiatives.
As part of its initiatives to future-proof its business, the company is focusing on growth and sustainability, which stems from its core objective of delivering sustainable long-term shareholder value.
The announcement stressed that the deadline to purchase shares to qualify for the interim dividend is September 26, 2024.
The H1 dividend is the first installment of a $700 million dividend in 2024, equivalent to 20.57 fils per share.
This is in line with ADNOC Distribution's five-year dividend policy, which calls for an annual dividend of $700 million or at least 75% of net profit from 2024 to 2028, whichever is greater.
The second and final dividend for 2024 is expected to be paid in April 2025, subject to board recommendation and shareholder approval. Full Year Dividend 2024 provides a dividend yield of 5.6% based on the share price of AED 3.67 as of September 20, 2024.
The dividend policy provides a long-term view of expected shareholder returns and a potential increase in future earnings growth, reinforcing ADNOC Distribution's commitment to creating consistent shareholder value.
In the first half of 2024, ADNOC Distribution reported a 16% YoY increase in earnings before interest, tax, depreciation and amortization (EBITDA) to $515 million, up 7.7% YoY.
Net income increased to $319 million, driven by increased fuel volumes, increased participation in international operations and growth in the non-fuel retail business.
The company generated free cash flow of $488 million in the first half of 2024, which easily covered the $350 million dividend.
Since its IPO in 2017, ADNOC Distribution has delivered solid returns to shareholders through increasing market capitalization and consistent dividends.
In addition to the dividend policy, ADNOC Distribution unveiled a new five-year growth strategy earlier this year, focusing on domestic growth, international platforms, future-proofing the business, increasing digital capabilities and increasing operational efficiency.
ADNOC Distribution remains committed to exploring growth opportunities in fuel and non-fuel retail as well as new revenue streams from energy transmission.
The company is eager to expand its new mobility solutions, including electric vehicle (EV) charging, while focusing heavily on sustainability-based initiatives.
As part of its initiatives to future-proof its business, the company is focusing on growth and sustainability, which stems from its core objective of delivering sustainable long-term shareholder value.
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Source : news agency wam
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