ADNOC Distribution 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 of ADNOCDistribution, a fuel and convenience retailer in the UAE, will enable the brokerage arms of Islamic banks to trade the shares of ADNOC Distribution.
Saeed Mubarak Al Rashdi, ADNOC Distribution’s acting CEO, said, “We are delighted our shares have been certified as Shari’a compliant for 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 per cent y-o-y increase in net profit and a 21 per cent y-o-y increase in free cash flow (EBITDA minus capital expenditures).
In April 2019, ADNOC Distribution announced new dividend policy, representing an increase of 63 per cent in the annual dividend for 2019 (US$650mn) and 75 per cent for 2020 (US$699mn) compared to 2018. The company expects to pay an interim dividend of US$325mn (half of the 2019 full year dividend) in October of this year, subject to board approval.
