Abu Dhabi, UAE— ADNOC Distribution said Friday its net profit for the first nine months of 2022 was up by 39 percent year on year to AED2.33 billion ($634 million).
The company paid a dividend of AED1.285 billion for the first six months of 2022 in October at 10.285 fils per share and expects to pay the second six-month dividend of 2022 (10.285 fils per share) in April 2023, subject to the discretion of the board and shareholders’ approval.
The company’s dividend policy for the years thereafter sets a dividend equal to at least 75 percent of distributable profits.
ADNOC Distribution said it expects the momentum through the fourth quarter and beyond, on the back of volumes growth, domestic and international expansion and higher non-fuel retail contribution.
In a statement, the company said it saw saw a year-on-year rise of 7 percent in total fuel volumes over the first nine months of 2022, on the back of the UAE’s continued economic growth, increased traffic at service stations, and substantial increases in corporate fuel volumes, which rose 27 percent year-on-year over this period.
The company’s non-fuel business for the first nine months of 2022 rose by 18 percent, while non-fuel gross profit also increased by 9 percent.