Abu Dhabi’s ADNOC Distribution to join MSCI emerging markets index on May 27

Abu Dhabi’s ADNOC Distribution to join MSCI emerging markets index on May 27

Abu Dhabi-listed fuel retailer ADNOC Distribution announced on Wednesday that it will be included on the MSCI emerging markets index from May 27, 2021, it announced on Wednesday. ADNOC Distribution was included in the MSCI EM Index after meeting the necessary requirements and will now be among nine UAE-listed companies to be part of the index. The inclusion is expected to increase the attractiveness of ADNOC Distribution’s shares to potential international investors and thus further diversify the company’s investor base, a statement said. ADNOC Distribution, which claims to be the UAE’s largest fuel and convenience retailer, recently announced a 57.9 per cent year-on-year increase in first-quarter net profit to reach Dhs631m, with retail fuel gross profit growing by 12.6 per cent year-on-year, led by higher margins. The company, which is listed on the Abu Dhabi Securities Exchange (ADX) also announced that as of March 31, 2021, its liquidity was at Dhs5.1bn in the form of Dhs2.3bn in cash and cash equivalents and Dhs2.8bn in unutilised credit facility. In September 2020, ADNOC also completed a private placement of 1.25 billion of ADNOC Distribution shares (valued at $1bn) to institutional investors, increasing the company’s free-floating equity to 20 per cent. The move