ADNOC Distribution's share up eight percent to AED2.7

ADNOC Distribution traded high at AED2.7 on Sunday, eight percent higher than the last trading session with a volume of 5.59 million shares at Abu Dhabi Securities Exchange.

The rally comes after the company received the shareholders’ approval last week to increase its dividend for fiscal year 2019 to AED2.39 billion, a 63 percent increase on last year’s dividend of AED1.47 bn.

Under the new policy, the annual dividend for fiscal year 2020 will be AED2.57 billion (USD 700 million), equivalent to AED 0.2057 per share, a 75% increase compared to 2018.

The company will pay a minimum payout of 75% of distributable profits from 2021 onwards.

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