08/25/2019 | Press release | Distributed by Public on 08/25/2019 03:30
Abu Dhabi, UAE - August 25, 2019: ADNOC Distribution (ISIN: AEA006101017) (Symbol: ADNOCDIST), the UAE's largest fuel and convenience retailer and listed on the Abu Dhabi Securities Exchange (ADX), today announced that its shares have been certified as Shari'a compliant based on the recent screening assessment made by The Unified Committee of Islamic Banks for Shari'a Screening of Equities - UAE. This certification enables brokerage arms of Islamic banks to trade ADNOC Distribution shares.
Commenting on the Shari'a compliance certification, ADNOC Distribution's Acting Chief Executive Officer, Saeed Mubarak Al Rashdi, said: 'We are delighted our shares have been certified as Shari'a compliant for the purpose of investment and trading. This certification paves the way for existing and new shareholders with a preference for Shari'a compliant stocks to invest in ADNOC Distribution generating a broader investor base and contributing to increased liquidity for our shares'.
ADNOC Distribution recently reported strong first half results, including a 4.3% year-on-year increase in net profit and a 21% year-on-year increase in free cash flow (EBITDA minus capital expenditures). In April 2019, ADNOC Distribution announced a new dividend policy, representing an increase of 63% in the annual dividend for 2019 (AED 2.39 billion) and 75% for 2020 (AED 2.57 billion) compared to 2018. The company expects to pay an interim dividend of AED 1.194 billion (half of the 2019 full year dividend) in October of this year, subject to board approval.