Adnoc Distribution, the UAE's largest fuel and convenience retailer, said its board has approved the distribution of dividends worth Dh1.2 billion ($326 million) to shareholders for the first half of 2019, valued at Dh0.0955 per share.
The board made the approval during its recent meeting in Abu Dhabi.
The last day to buy shares that are eligible to receive proceeds will be on October 7, and share trading will commence on October 8 while the very next day, shareholder registration will close, said the company in its filing to the Abu Dhabi Securities Exchange.
The company’s proceeds increased to Dh1.17 billion, or Dh0.09 per share, in the first half of 2019, compared to Dh1.12 billion in the same period last year.
The increase in the company's proceeds during the first half of the year was supported by an increase in its profit margin to 24.1 per cent, compared to 23.8 per cent last year, it stated.
Adnoc Distribution's overall expenses also decreased by 7 per cent, which was aided by a fall in administrative expenses by 13 per cent, totalling Dh1.3 billion, compared to Dh1.5 billion during the same period last year.
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