Adnoc Distribution shareholders ratify $200m dividend payment

09 April 2018
Retail arm of the Abu Dhabi National Oil Company holds first annual general meeting since going public in December

Shareholders of Adnoc Distribution, the fuel supply and retail business of the Abu Dhabi National Oil Company (Adnoc) have approved a dividend payment of AED735m or about $200m (AED 5.88 fils per share).

The decision was made at the company’s first Annual General Meeting (AGM) since it listed 10 per cent of its shares on the Abu Dhabi Stock Exchange (ADX) on 13 December last year, two days after raising $851m from an initial public offering (IPO).

The Adnoc Distribution financial report for the year ending 31 December 2017 was prepared by Deloitte. The firm was re-appointed as the company’s official auditor by shareholders at the AGM.

Adnoc Distribution opened 24 new stations in the UAE in 2017. The company also announced plans to open 13 new stations in 2018, including for the first time in the emirate of Dubai, where construction has started on three stations.

The company, 90 per cent owned by Adnoc, also implemented cost efficiency measures, including a plan to reduce capital expenditure on new stations by 40 per cent from 2019.

Adnoc Distribution has also launched ‘Adnoc Flex’, a fuel sales campaign to let customers choose where and how they re-fuel their vehicles.

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