Shares in ADNOC Distribution surge on new dividend policy | ZAWYA MENA Edition

Shares in ADNOC Distribution surge on new dividend policy | ZAWYA MENA Edition:

Shares in Abu Dhabi based ADNOC Distribution rose sharply in early trading on Sunday as investors reacted to a move announced late last week to introduce a new dividend policy.

The shareholders of the fuel distribution arm of Abu Dhabi National Oil Company, approved on Thursday a 63 percent increase in the company’s annual dividend for the fiscal year 2019 to 2.39 billion dirhams ($650 million), or 0.1910 dirhams per share.

Issam Kassabieh, senior financial analyst at Menacorp Financial Services, told Zawya by email that the new dividend policy “is a progressive policy that allows for significant dividend growth and added value for shareholders”.