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ADNOC Distribution to pay $350m dividend in H1 2022

ADNOC Distribution
ADNOC Distribution approved unsecured senior corporate term facilities with First Abu Dhabi Bank and other banks

UAE-listed ADNOC Distribution will pay an interim dividend of AED 1.29 billion ($350 million) for the first six months of 2022, the company said in a statement.

The expected full-year 2022 dividend is a minimum of AED 2.57 billion. The second and final dividend payout for 2022 is expected in April 2023.

The 2022 full-year dividend will offer a 4.9 percent annual dividend yield based on a share price of AED 4.21 as of September 27, 2022.

The company has set a dividend policy of at least 75 percent of distributable profits. 

ADNOC Distribution, listed on Abu Dhabi Securities Exchange since 2017, has paid AED 9 billion in dividends between 2018 and 2021.

In the first half of 2022, the company opened 12 new stations in the UAE, taking its domestic network to 472  as of June 30, 2022.

The fuel retailer added 26 new stations over the same period in Saudi Arabia, bringing its network to 66. 

ADNOC Distribution has recently announced plans to acquire a 50 percent stake in TotalEnergies Marketing Egypt. The acquisition is expected to be completed in Q1 2023, pending customary regulatory approvals.

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