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Adnoc Distribution to pay $350m in interim dividend

By Pramod Kumar
In the first half of 2024, Adnoc Distribution reported a 7.7 percent year-on-year rise in net profit to $319 million Wam
In the first half of 2024, Adnoc Distribution reported a 7.7 percent year-on-year rise in net profit to $319 million

Adnoc Distribution, an Abu Dhabi-listed fuel and convenience retailer, will pay an interim dividend of AED1.3 billion ($350 million) for the first half of 2024.

The dividend is the first instalment of the expected full-year 2024 dividend of $700 million.

The payout falls under the five-year dividend policy, which has set an annual dividend of $700 million or a minimum of 75 percent of net profits, whichever is higher, from 2024 to 2028.

The second and final dividend for 2024 is expected to be paid in April 2025.

The 2024 dividend will offer a 5.6 percent annual dividend yield, based on the share price of AED3.67 as of September 20, 2024.

In the first half of 2024, Adnoc Distribution reported a 7.7 percent year-on-year rise in net profit to $319 million, driven by higher fuel volumes, increased contributions from international operations, and growth in the non-fuel retail business.

The company generated a free cash flow of $488 million in the first half of 2024, which covered the interim dividend of $350 million.

The Adnoc subsidiary has paid a total of $4.4 billion in dividends since its IPO in 2017.

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