Abu Dhabi National Oil Company For Distribution

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.

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%.