Abu Dhabi’s ADNOC Distribution reports 22% rise in net profit for 2022

Abu Dhabi’s ADNOC Distribution reports 22% rise in net profit for 2022

ADNOC Distribution, UAE’s fuel and convenience retailer, has reported Dhs2.75bn ($748m) in net profit for 2022, marking a year-on-year growth of 22 per cent. The company’s earnings before interest, tax, depreciation and amortisation grew 15 per cent to reach Dhs3.52bn ($958m) in 2022, while its total fuel volumes and commercial volumes soared 8 per cent and 19 per cent, respectively. ADNOC Distribution, which is listed on the Abu Dhabi Securities Exchange, aims to achieve a minimum of $1bn in EBITDA on the back of network expansion and higher non-fuel retail contribution. “We have sustained our growth trajectory while generating strong cash flow and maintaining a solid financial position. ADNOC Distribution’s priority remains to accelerate achieving sustainable growth and building incremental shareholder value through efficient capital allocation,” said Bader Saeed Al Lamki, CEO of ADNOC Distribution. The company’s board of directors recommended a cash dividend of Dhs1.285bn (10.285 fils per share) for H2 2022, which will be submitted for shareholder approval at the annual general assembly meeting in 2023. Subject to approval, the total dividend for the fiscal year 2022 is expected to be Dhs2.57bn (20.57 fils per share). ADNOC Distribution also renewed its supply agreement with ADNOC for a new