September 30 is record date for ADNOC Distribution shareholders to get H1-2024 dividend

Dubai: September 30 is the record date for shareholders in ADNOC Distribution to get the 10.28 fils a share as part of a Dh1.28 billion interim dividend for H1-2024.

The ADNOC entity will make the second payout for its 2024 performance in April 2025. ADNOC Distribution’s five-year dividend policy sets an annual shareholder payment of $700 million - or a

 minimum of 75% of net profits - whichever is higher until 2028. (Record date is when investors should hold the stock to be eligible for dividend.)

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In the first half of 2024, the company reported a 16% year-on-year increase in EBITDA to Dh1.89 billion, and a 7.7% spike in net profit to Dh1.17 billion. This was helped by by higher fuel volumes for the

 retailer, increased contributions from its operations in Saudi Arabia and Egypt, as well as growth in the non-fuel retail side from its convenience stores.

"The dividend policy provides long-term visibility on expected shareholder returns and potential upside from future earnings growth, reinforcing ADNOC Distribution’s commitment to consistent shareholder value creation," said a statement.

The fuel retailer operates more than 800 locations in the UAE and has a growing network in Saudi Arabia and Egypt. It is also pushing hard to offer services that will come in handy down the road, including operating a network of EV charging points.