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Wed 26 Sep 2018 07:02 PM

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ADNOC's retail arm recommends $200m dividend to shareholders

ADNOC Distribution shareholders will vote on a proposal for $200m interim dividend at a meeting in Abu Dhabi on October 14

ADNOC's retail arm recommends $200m dividend to shareholders
Last month, ADNOC Distribution said it is “on track” to achieve cost savings of approximately AED190 million in 2018.

ADNOC Distribution’s board of directors has approved a resolution recommending payment of an interim dividend of AED735 million ($200 million), which will be submitted to a vote of the shareholders at a meeting in Abu Dhabi on October 14.

The payment is also subject to the approval of the UAE Securities and Commodities Authority (SCA), the company said in a statement on Wednesday.

Saeed Al Rashdi, acting CEO of ADNOC Distribution, said: “The dividend... reflects the strong financial results we have delivered during the first half of 2018 and our confidence in our ability to continue to deliver our strategy and on the commitments we made at the time of our initial public offering.”

Last month, ADNOC Distribution said it is “on track” to achieve cost savings of approximately AED190 million in 2018.

Al Rashdi’s comments came as the company reported a net profit of AED1.12 billion in the first half of 2018, an 18 percent increase from the same time period in 2017.

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