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Adnoc Distribution board to approve interim dividend



Adnoc Distribution, the UAE's largest fuel and convenience retailer, has announced that its board of directors will meet on September 29 to approve payment of an interim dividend for 2019.
In April, the company’s shareholders approved a new dividend policy, which provides for an annual dividend for fiscal year 2019 of Dh2.39 billion ($650 million), equivalent to Dh0.1910 per share, up 63 per cent over 2018 besides an annual dividend of Dh2.57 billion ($700 million) for fiscal year 2020, equivalent to Dh0.2057 per share, a 75 per cent increase compared to 2018; and a minimum payout of 75 per cent of distributable profits from 2021 onwards, said the company in its filing to Abu Dhabi Securities Exchange.
In each case, the dividend is subject to the discretion and approval of the board of directors. said the statement. 
As announced earlier, the company will continue to pay half of the annual dividend in October of the relevant year and half in April of the following year, it added.-TradeArabia News Service