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

The text discusses the fourth quarter and full year 2023 results of ADNOC. The key highlights include an increase in underlying profitability, which has been driven by a rise in fuel volume and optimization of operational expenditure (opex). The management discussion and analysis report was released on 7 February 2024.

The text refers to a report and consolidated financial statements for the year ended on 31 December 2023, classified under ADNOC's need-to-know information.

The Board of Directors of the Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) held a meeting on 6th February 2024. They made several decisions, including approving the company's audited financial statements for the financial year ended 31 December 2023. The board also approved the agenda of the Annual General Assembly of the Company and agreed to propose a cash dividend of AED 1.285 billion (10.285 per share) for the second half of 2023 to the Company’s shareholders. Additionally, they approved a non-funded facility agreement for SAR 230,000,000 with First Abu Dhabi Bank for a period of 12 months for the issuance of bank guarantees to support ADNOC Distribution’s business activities in Saudi Arabia. Other general business matters were also discussed.

The Board of Directors of Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) will hold a meeting on 6th February 2024 at 3:00 p.m. in Abu Dhabi. The meeting's agenda includes reviewing the company's audited financial statements for the year ended 31st December 2023, a proposal for holding the Annual General Assembly Meeting (AGM) in March 2024 and approving the AGM's agenda, a proposal for distributing a cash dividend for the second half of 2023, and other general business matters.

ADNOC Distribution, the UAE's largest fuel and convenience retailer, marked a year of expansion and growth in 2023. The company exceeded its target of opening 25-35 new service stations, adding 41 instead. Its non-fuel retail business saw a 12.9% increase in transactions and a 24.7% convenience store conversion rate, a four-year high. The company also launched the first phase of fast and super-fast electric vehicle charging points, reaching over 50 across its UAE service stations network. Furthermore, ADNOC launched its first nine branded service stations in Egypt. The company's total network of service stations reached 840 by year-end. ADNOC also acquired a 50% stake in TotalEnergies Marketing Egypt, further expanding its international footprint. The company reported an 11.8% year-on-year rise in total fuel volumes in the GCC, with retail volumes increasing by approximately 9.6% and commercial volumes by around 16.2%.

On January 2, 2024, the Abu Dhabi National Oil Company for Distribution PJSC (ADNOC Distribution) announced the resignation of H.E. Mohamed Hassan Alsuwaidi from the company's Board of Directors, effective from January 1, 2024. The Chairman and other board members expressed their gratitude towards Alsuwaidi for his service and contributions to the company.

ADNOC Distribution, the UAE's largest fuel and convenience retailer, has reported strong Q3 2023 results. The company's EBITDA rose 28% year-on-year (Y-o-Y) to $303 million (AED1.1 billion), and net profit increased 9% Y-o-Y to $227 million (AED835 million). These results are among the strongest since the company's initial public offering in 2017. Fuel volumes sold in GCC countries (UAE and Saudi Arabia) increased by 21% Y-o-Y. Non-fuel transactions also rose by 14% Y-o-Y, with the convenience store conversion rate increasing to 24% from 21% in Q3 2022. The company also achieved its full-year 2023 target by opening 28 new stations during the first nine months of the year.

The management discussion and analysis report for the third quarter and nine months of 2023 from ADNOC highlights a growth in underlying profitability. This is driven by an increase in fuel volume and optimization of operational expenditures.

The text refers to a review report and interim financial information for the nine-month period ending on 30 September 2023, classified as internal by ADNOC.

The Board of Directors of the Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) convened on 09 November 2023 in Abu Dhabi. The meeting resulted in the approval of the company’s financial statements for the third quarter ending 30 September 2023. Other general business matters were also discussed.