Press releases, Reports & Disclosures for Abu Dhabi National Oil Company For Distribution

The Abu Dhabi National Oil Company for Distribution PJSC (ADNOC Distribution) has opened nominations for its Board of Directors. The nomination period runs from Tuesday 5 March 2024 until Thursday 14 March 2024. Interested individuals can apply via email, and the application must include a brief biography and the desired membership capacity. Seven board members are to be elected. Nominees must meet the requirements of the Federal Law by Decree No. (32) of 2021, the Corporate Governance Guide, and the Company’s Articles of Association. The company will publish the names of nominees on 22 March 2024, with the election taking place electronically on 27 March 2024.

The Securities and Commodities Authority (SCA) has approved the nomination process for the Board of Directors of ADNOC Distribution and the date and agenda for the company's General Assembly meeting. The approved announcement for the nomination and the General Assembly meeting's invitation and agenda will be published in Alittihad and The National newspapers on 5th March 2023.

The Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) will distribute a circular resolution to its Board of Directors on 23 February 2024, at 3:00 pm. The resolution will cover general business and strategic matters related to the company. The information was disclosed by the Market Operations Surveillance Department of the Abu Dhabi Securities Exchange.

On 16th February 2024, Abu Dhabi National Oil Company for Distribution PJSC (ADNOC Distribution) announced that it has entered into a related party transaction with RUWAIS FERTILIZER INDUSTRIES – SOLE PROPRIETORSHIP LLC (FERTIL). FERTIL is a subsidiary of Fertiglobe PLC, a company listed on the Abu Dhabi Securities Exchange, of which ADNOC holds 36.2% of the total issued share capital. The transaction involves a 3-year supply agreement, expiring on 31 January 2027, under which FERTIL will sell Urea-based products to ADNOC Distribution at market prices. This agreement will enable ADNOC Distribution to offer its customers a new diesel exhaust fluid, which reduces NOx emissions from heavy-duty diesel vehicles, aligning with the sustainability commitments of both ADNOC Distribution and Fertiglobe.

Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) has announced a related party transaction with RUWAIS FERTILIZER INDUSTRIES (FERTIL), a wholly owned subsidiary of Fertiglobe PLC. Fertiglobe is registered in the Abu Dhabi Global Market and listed on the ADX, with ADNOC holding 36.2% of its total issued share capital and OCI Global holding 50%. ADNOC Distribution and FERTIL have entered into a 3-year supply agreement, which will allow ADNOC Distribution to provide its customers with a new diesel exhaust fluid, reducing NOx emissions from heavy-duty diesel vehicles. This aligns with the sustainability commitments of both ADNOC Distribution and Fertiglobe to promote low-carbon products.

ADNOC Distribution reported a record EBITDA of $1 billion in 2023, marking a 4.6% year-on-year growth. The underlying EBITDA, excluding inventory movements, showed a 15.4% increase. The company also surpassed its target of opening 25-35 new service stations in 2023 by adding 41 new stations. Fuel volumes sold in the UAE and Saudi Arabia grew by 11.8%, and non-fuel transactions rose by 12.9%. The company's convenience store conversion rate also increased to 24.7% from 21.7% in 2022, contributing to a 19.6% growth in non-fuel gross profit. The results were driven by increased fuel volumes, non-fuel business, and contributions from international operations. The company also saved $28 million in operating expenditure due to efficiency improvement initiatives.