Abu Dhabi National Oil Company For Distribution
Ticker/ISIN
ADNOCDIST
AEA006101017
Market/Country
Abu Dhabi Stock Exchange
United Arab Emirates
About Abu Dhabi National Oil Company For Distribution
ADNOC Distribution is the number one retail and wholesale fuel brand and convenience store operator in the United Arab Emirates.
We are currently the sole fuel distributor in the emirate of Abu Dhabi and have a dominant market position in the northern emirates of Sharjah, Ras Al Khaimah, Fujairah, Ajman and Umm Al Quwain. We began our expansion into Dubai in 2018 and operated six fuel station as of 31 December 2019. We will continue to grow our network in the UAE and Dubai in coming years.
We are also the leading marketer and distributor of fuels to commercial, industrial and government customers in the UAE. We provide aviation fuel and refueling and related aviation services to strategic customers throughout the UAE as well as refueling and related services to civil aviation customers at seven airports in the UAE.
To further compliment the services we offer at our fuel and retail stations, we operate the only government-authorized vehicle inspection centers in Abu Dhabi and offer car care services such as lube changes, tire changes and car washes at many of our locations. In addition, we lease space at our service stations to restaurants and other service providers, including major household brands such as McDonalds, KFC and Starbucks.
Latest Pressrelease Summaries from Abu Dhabi National Oil Company For Distribution
The text highlights the growth in underlying profitability for ADNOC, driven by higher fuel volume and operational expenditure optimization, as reported in their third quarter and nine-month results for 2024.
The Board of Directors of Abu Dhabi National Oil Company for Distribution PJSC (ADNOC Distribution) held a meeting on October 30, 2024, in Abu Dhabi. During the meeting, the Board approved the company's financial statements for the third quarter ending September 30, 2024, and discussed other general business matters. Additionally, ADNOC Distribution announced the formation of a subcommittee under the Executive Committee to support the company's ESG agenda, chaired by Board member Ms. Paula Disberry.
The text pertains to a review report and interim financial information for the nine-month period ending on September 30, 2024, related to ADNOC.
ADNOC Distribution reported record financial results for the first nine months of 2024, with an EBITDA of $790 million and a net profit of $501 million. The company achieved a 9.2% increase in fuel volumes, delivering over 11 billion liters, largely due to network expansion and increased international operations. Non-fuel retail gross profit rose by 13% year-on-year, supported by a 9.4% increase in non-fuel transactions. The company also reported strong free cash flow of $537 million and a net debt-to-EBITDA ratio of 0.56x. Operational efficiency improvements contributed to $13 million in OPEX savings, with a target of $50 million in savings by 2028. CEO Eng. Bader Saeed Al Lamki highlighted the company's solid fundamentals and strong financial performance.
The Board of Directors of Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) is scheduled to meet on Wednesday, October 30, 2024, at 3:00 p.m. in Abu Dhabi. The agenda includes reviewing the company's financial statements for the third quarter ending September 30, 2024, and discussing other general business matters. The notification was issued by Ben Hennessy, the Board Secretary, with a copy sent to the Securities and Commodities Authority.
On 20 September 2024, the Board of Directors of ADNOC Distribution approved a circular resolution to distribute an interim cash dividend of 10.285 fils per share, totaling approximately AED 1.285 billion, for the first six months of 2024. The last day to participate is 26 September 2024, the ex-dividend date is 27 September 2024, and the record date is 30 September 2024.
ADNOC Distribution's Board of Directors has approved an interim cash dividend of $350 million (AED1.285 billion) for the first half of 2024, equivalent to 10.285 fils per share. The dividend will be distributed in October 2024, with the last day to purchase shares to qualify for the payment set for September 26, 2024. The company has introduced a new five-year dividend policy, setting an annual dividend of $700 million or a minimum of 75% of net profit, whichever is higher, from 2024 to 2028. The policy aims to provide improved payback visibility and potential for increased returns from future earnings growth. Since its IPO in 2017, ADNOC Distribution has distributed $4.4 billion in dividends. The company expects the second and final dividend for 2024 to be paid in April 2025, subject to Board and shareholder approval. CEO Eng. Bader Saeed Al Lamki highlighted the company's strong performance in H1 2024, driven by robust financial results and a successful growth strategy.
On 17 September 2024, the Market Operations Surveillance Department of the Abu Dhabi Securities Exchange issued a notification regarding a circular resolution to be distributed to the Board of Directors of ADNOC Distribution PJSC. The resolution, scheduled for 20 September 2024 at 3:00 p.m., aims to consider and approve the payment of an interim dividend for the first six months of 2024. The notification was signed by Ben Hennessy, Board Secretary, and a copy was sent to the Securities and Commodities Authority.
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Disclosures: Abu Dhabi National Oil Company For Distribution Management Discussion and Analysis Report for the Period Ended June 30,2023
Disclosures: ADNOC DISTRIBUTION DELIVERS STRONG OPERATING PERFORMANCE AND GROWTH IN UNDERLYING PROFITABILITY IN H1 2023
Disclosures: Abu Dhabi National Oil Company For Distribution Financial Results for the Period Ended June 30,2023
Disclosures: Abu Dhabi National Oil Company For Distribution Board Meeting Results held on 04/08/2023 at 15:00
Disclosures: Abu Dhabi National Oil Company For Distribution Announcement of Board Meeting to be held on 04/08/2023 at 15:00
Disclosures: Abu Dhabi National Oil Company For Distribution Sustainability Report
Disclosures: ADNOC DISTRIBUTION ANNOUNCES STRONG PERFORMANCE AND GROWTH IN UNDERLYING PROFITABILITY IN Q1 2023
Disclosures: Abu Dhabi National Oil Company For Distribution Management Discussion and Analysis Report for the Period Ended March 31,2023
Disclosures: Abu Dhabi National Oil Company For Distribution Board Meeting Results held on 12/05/2023 at 15:00
Disclosures: Abu Dhabi National Oil Company For Distribution Financial Results for the Period Ended March 31,2023