ADNOC Distribution Shares Certified as Shari’a Compliant

Press release
Published August 25th, 2019 - 05:42 GMT
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).
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).
Highlights
ADNOC Distribution 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.

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.

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.

 

Background Information

Abu Dhabi National Oil Company

Abu Dhabi National Oil Company (ADNOC) was established in 1971, to operate in all areas of the oil and gas industry and since then has steadily broadened its activity establishing companies and subsidiaries and creating an integrated oil and gas industry in Abu Dhabi. Today, the company manages and oversees oil production of more than 2.7 million barrels a day which ranks it among the top ten oil and gas companies in the world.

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