The shares of ADNOC Distribution, the UAE’s largest fuel and convenience retailer listed on the Abu Dhabi Securities Exchange (ADX) are now certified as shariah-compliant for the purpose of investment and trading, Zawya reported.
The certification will enable the brokerage arms of Islamic banks to trade ADNOC Distribution shares.
“This certification paves the way for existing and new shareholders with a preference for shariah-compliant stocks to invest in ADNOC Distribution, generating a broader investor base and contributing to increased liquidity for our shares,” Saeed Mubarak Al-Rashdi, ADNOC Distribution’s acting CEO, said.
ADNOC Distribution reported strong first-half results, including a 4.3% Year-on-Year increase in net profits and a 21% y-o-y increase in free cash flow, as well as a 10% increase in gross profits during H1 2019.
In April 2019, ADNOC Distribution announced a new dividend policy, representing an increase of 63% in the annual dividend for 2019 and 75% for 2020 compared to 2018.