Adnoc Distribution's shareholders approved a second and final dividend payment of Dh1.194 billion (9.55 fils per share) for the year ended December 31, 2019 at its general assembly meeting held via video conference on Tuesday. The payment comes on top of an interim dividend that was paid in October, resulting in a full-year dividend of Dh2.39bn, Adnoc Distribution said in a statement to the Abu Dhabi Securities Exchange, where its shares trade. In 2020, the dividend will increase 7.5 per cent to Dh2.57bn as per the company’s policy, it said. The shareholders also approved amendments to the dividend policy from 2021 onwards, setting a Dh2.57bn dividend for 2021 and a dividend equal to at least 75 per cent of distributable profits from 2022. “The changes to the dividend policy approved today demonstrates our commitment to our shareholders and our confidence in the company’s future prospects and ability to deliver sustainable growth,” Dr Sultan Ahmed Al Jaber, chairman of Adnoc Distribution, said. “Adnoc Distribution shares offer a unique value proposition to shareholders and investors with a combination of low exposure to oil price volatility, predictable and healthy cash flows, strong growth potential and an attractive dividend policy (7.6 per cent at a share price of Dh2.70 as of March 31, 2020) that offers high income visibility.” Adnoc Distribution reported an 11.3 per cent increase in fourth quarter profit for 2019 on the back of a rise in operating income as the company presses ahead with expanding its network in 2020. Net profit for the quarter ending December 31 climbed to Dh496 million and operating income rose an annual 9.6 per cent to Dh509m. For the full year, net profit increased 4.2 per cent year-on-year to Dh2.22bn, the company said last month. Dr Al Jaber also said the company is undertaking new measures such as contactless methods of payments at its fuel stations in the wake of the coronavirus outbreak. “As we navigate this ever-evolving landscape, we remain confident that we will responsibly manage the impact of coronavirus on our long-term strategic commitments,” he said.