Abu Dhabi – Mubasher: The net profits attributable to the shareholders of Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) hit AED 549.64 million in the first quarter (Q1) of 2024.
The generated net profits were higher than AED 537.32 million in Q1-23, according to the consolidated financial results.
The UAE-based group posted revenues amounting to AED 8.74 billion in Q1-24, a rise from AED 7.99 billion a year earlier. Basic and diluted earnings per share (EPS) went up to AED 0.044 from AED 0.043.
Furthermore, the total assets increased to AED 19.43 billion as of 31 March 2024 from AED 18.89 billion at the end of December 2023.
Growth Plans
The ADX-listed firm rolled out a new growth strategy that includes expansion plans, leveraging its strong financial position and cash generation.
The planned capital expenditures (CapEx) were valued between $250 million and $300 million in 2024. ADNOC Distribution has invested $46 million in Q1-24 to boost shareholder value and returns by pursuing ambitious growth projects.
During the last annual general meeting (AGM) in March, the company's shareholders approved a new five-year dividend policy, setting an annual dividend of $700 million or a minimum of 75% of net profit.
Bader Saeed Al Lamki, CEO of ADNOC Distribution, said: “Our robust first-quarter results with an 18% EBITDA growth are a testament to the company’s five-year strategy announced earlier this year, which prioritizes domestic growth, international platforms, and future-proofing the business.”
“We are well positioned to achieve our operational objectives for 2028, aiming to expand the ADNOC Distribution network to 1,000 stations, increase the number of fast and super-fast EV charging points to at least 500, grow our non-fuel transactions by 50%, and increase the number of convenience stores by 25%,” Al Lamki highlighted.
He mentioned: “Thanks to our innovative Fuel Demand AI Model, we harness predictive demand analytics to optimise fuel delivery across our network. The model is projected to prevent potential lost sales totaling over $27 million in a five-year period.”
Last year, ADNOC Distribution recorded net profits attributable to the owners valued at AED 2.60 billion, down from AED 2.74 billion in 2022.
