ADNOC Distribution’s market cap surges 10pc to $12bn

SourceTrade Arabia
SectorOil & Gas
CountryUnited Arab Emirates

ADNOC Distribution, the UAE's largest fuel and convenience store retailer, said its market cap surged to AED44 billion ($12 billion) by the end of September, a 40 per cent growth compared to its market value on its date of listing back in 2017.   The increase in the market capitalisation comes after a significant rise of 23.15 percent in the value of the company's share to AED3.57 from AED2.90 on the date of listing, according to the data released by the Abu Dhabi Securities Exchange (ADX), where the company's equities are traded.   As the company's positive performance persists, the shareholders continue to reap significant dividends that resulted in ratcheting the value of its share deals to AED5.64 billion over the first nine months of 2020 thanks to the strategy adopted by the company's more...