ADNOC Distribution revs up Dh2.75b in 2022 net profit, plans Dh2.57b dividend for full-year

ADNOC Distribution revs up Dh2.75b in 2022 net profit, plans Dh2.57b dividend for full-year

Dubai: ADNOC Distribution’s net profit for 2022 is up 22 per cent to Dh2.75 billion as higher fuel prices on average plus a fast expanding network helped with top- and bottom-line numbers. The Abu Dhabi company’s total fuel volumes ‘continued to increase during the year’, recording an 8 per cent year-on-year gain. Revenues were Dh32.1 billion, quite a jump from the Dh20.9 billion in 2021. The Board of Directors has recommended a dividend of Dh1.285 billion (10.285 fils per share) for H2- 2022. This would take total dividend for to Dh2.57 billion (20.57 fils per share), translating into a 4.6 per cent annual dividend yield for 2022 (based on a share price of Dh4.44 as of closing on 8 February 2023). The company paid half of the 2022 dividend in October last and pay for the second-half in April. (The company’s dividend policy from here on sets a payout equal to at least 75 per cent of distributable profits.) "We have sustained our growth trajectory while generating strong cashflow and maintaining a solid financial position," said Bader Saeed Al Lamki, CEO. "ADNOC Distribution’s priority remains to accelerate achieving sustainable growth and building incremental shareholder value through efficient capital allocation.” More