In an indicator that reflects the company's strong financial position and confidence in its growth prospects

ADNOC Distribution's AGM approves amendment to dividend policy for 2023

ADNOC Distribution, listed on the Abu Dhabi Securities Exchange (ADX), announced that its shareholders have approved all items raised during the Annual General Meeting, including the amendment of the dividend policy for the year 2023.


New Policy

The company's strong results in 2022 and continued growth allowed for a rewarding dividend policy of at least AED 2.57 billion (20.57 fils per share) for the year 2023 (compared to at least 75% of distributable dividends under the previous policy), and the dividend policy for subsequent years will remain the same at least 75% of distributable profits.

ADNOC Distribution explained that the approval of the new dividend policy reflects the company's strong financial position at the end of 2022, confidence in its growth prospects, and its ability to generate ample cash flows at a time when ADNOC Distribution remains confident in its ability to meet its strategic commitments and achieve sustainable cash returns for its shareholders.


Cash dividends

According to the statement, shareholders also approved a cash dividend of AED 1.285 billion (10.285 fils per share) for the second and final half of the year ended December 31, 2022, which will be paid in April 2023.

The dividend follows an interim dividend of AED 1.285 billion (fils per share) for the first half of 10, which was paid in October 285, bringing the total dividend for 2022 to AED 2022.2022 billion (2.57 fils per share), which is in line with the company's dividend policy.


Growth and expansion

Dr. Sultan bin Ahmed Sultan Al Jaber, Chairman of ADNOC Distribution, said: "ADNOC Distribution's journey in 2022 was marked by a redoubling of efforts to achieve growth and expand abroad to new global markets, in addition to focusing on refining our capabilities to anticipate future trends to ensure that our business and interests keep pace with the growth and continuous developments in the mobility sector, as we began working on developing a more flexible business model that focuses increasingly on the concept of sustainability."

"While growth has been one of the most important hallmarks of 2022, we are starting 2023 with a focus on growth and sustainability, and as 2023 is the year of sustainability in the UAE, we will focus on our business contributing to the achievement of the nation's strategic goals, while continuing to deliver long-term sustainable value to our shareholders."

Bader Saeed Al Lamki, Chief Executive Officer of ADNOC Distribution, said: "The strong cash flows we have achieved coupled with our strong financial position have further strengthened ADNOC Distribution's 50-year foundation, ensuring the company's ability to execute on its growth plans in the coming years, locally and internationally.

He expressed confidence that the company's continued focus on diversified expansion locally and internationally, and the company's unwavering commitment to providing the latest innovative and environmentally sound mobility products and solutions, will enable it to achieve and exceed its growth targets for years.