Press releases, Reports & Disclosures for Abu Dhabi National Oil Company For Distribution

On 20 September 2024, the Board of Directors of ADNOC Distribution approved a circular resolution to distribute an interim cash dividend of 10.285 fils per share, totaling approximately AED 1.285 billion, for the first six months of 2024. The last day to participate is 26 September 2024, the ex-dividend date is 27 September 2024, and the record date is 30 September 2024.

ADNOC Distribution's Board of Directors has approved an interim cash dividend of $350 million (AED1.285 billion) for the first half of 2024, equivalent to 10.285 fils per share. The dividend will be distributed in October 2024, with the last day to purchase shares to qualify for the payment set for September 26, 2024. The company has introduced a new five-year dividend policy, setting an annual dividend of $700 million or a minimum of 75% of net profit, whichever is higher, from 2024 to 2028. The policy aims to provide improved payback visibility and potential for increased returns from future earnings growth. Since its IPO in 2017, ADNOC Distribution has distributed $4.4 billion in dividends. The company expects the second and final dividend for 2024 to be paid in April 2025, subject to Board and shareholder approval. CEO Eng. Bader Saeed Al Lamki highlighted the company's strong performance in H1 2024, driven by robust financial results and a successful growth strategy.

On 17 September 2024, the Market Operations Surveillance Department of the Abu Dhabi Securities Exchange issued a notification regarding a circular resolution to be distributed to the Board of Directors of ADNOC Distribution PJSC. The resolution, scheduled for 20 September 2024 at 3:00 p.m., aims to consider and approve the payment of an interim dividend for the first six months of 2024. The notification was signed by Ben Hennessy, Board Secretary, and a copy was sent to the Securities and Commodities Authority.

ADNOC Distribution has announced a related party transaction with Abu Dhabi National Oil Company (ADNOC). They have entered into a Master Services Agreement (MSA) for a term of 10 years. Under this agreement, ADNOC will provide outsourced services to ADNOC Distribution in areas such as Procurement, IT, Finance, Human Capital, and General Services. The goal of this agreement is to enhance operational and cost efficiencies.

On 07 August 2024, the Board of Directors of Abu Dhabi National Oil Company for Distribution PJSC (ADNOC Distribution) held a meeting in Abu Dhabi at 3:00 p.m. During this meeting, the board approved the company's financial statements for the second quarter ending 30 June 2024 and discussed other general business matters. The notification of this meeting and its outcomes was addressed to the Market Operations Surveillance Department of the Abu Dhabi Securities Exchange.

On 02 August 2024, the Market Operations Surveillance Department of the Abu Dhabi Securities Exchange issued a notice regarding an upcoming meeting of the Board of Directors of Abu Dhabi National Oil Company for Distribution PJSC (ADNOC Distribution). The meeting is scheduled for Wednesday, 07 August 2024, at 3:00 p.m. in Abu Dhabi. The agenda includes reviewing and approving the company’s financial statements for the second quarter ended 30 June 2024, as well as discussing other general business matters. The notice was signed by Ben Hennessy, Board Secretary, and a copy was sent to the Securities and Commodities Authority.

ADNOC Distribution has released its Growth and Transformation Environmental, Social, and Governance (ESG) Report for 2023.

ADNOC Distribution has released its 2023 report on growth, transformation, and Environmental, Social, and Governance (ESG) initiatives.

The Board of Directors of ADNOC Distribution has approved a circular resolution on 01 July 2024 at 3:00 p.m. to appoint the board of Abu Dhabi Global Company LLC, a wholly-owned subsidiary of ADNOC Distribution, for a three-year term. The appointed members are Eng. Bader Saeed Allamki as director and chairman, Mr. Saeed Nasser Al Ahbabi as director, and Mr. Wayne Beifus as director.

The Market Operations Surveillance Department of the Abu Dhabi Securities Exchange has issued a notification regarding the Board of Directors of Abu Dhabi National Oil Company for Distribution (ADNOC Distribution). A circular resolution will be distributed to the Board at 3:00 pm on July 1, 2024, to consider and review subsidiary board appointments. The notification is signed by Ben Hennessy, Board Secretary, and a copy has been sent to the Securities and Commodities Authority.