Abu Dhabi, UAE— ADNOC Distribution on Thursday reported a net profit of AED2.75 billion ($748 million) for 2022, a 22 percent increase over 2021.
The EBITDA grew by 15 percent to AED3.52 billion, and total fuel volumes continued to increase during the year, recording an 8 percent year-on-year growth through 2022 – with commercial fuel volumes up by 19 percent.
Among the key factors contributing to the growth in fuel volumes are the continued economic expansion across the UAE, the ongoing ADNOC service station network expansion nationwide, and higher customer traffic, the company said.
The Company’s Board of Directors has recommended distributing a cash dividend of AED1.285 billion (10.285 fils per share), for the second half of 2022, which will be submitted to the company’s shareholders for approval at the Annual General Assembly Meeting scheduled for 2023.
Subject to shareholders’ approval, total dividend for the fiscal year 2022 is expected to be AED2.57 billion (20.57 fils per share). This would translate to a 4.6 percent annual dividend yield for 2022 (based on a share price of AED 4.44 as of closing on 8 February 2023).
The company paid half of the 2022 dividend in October of last year, and expects to pay the second half in April 2023, subject to 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 is unwavering in its commitment to fulfilling its strategic goals and providing long-term sustainable returns for its shareholders.