Abu Dhabi, UAE — ADNOC Distribution Tuesday reported that its net profit for 2024 decreased by 7 percent year-on-year.
In a statement, the company said that excluding the impact of the UAE corporate income tax which came into effect in 2024, net profit would have grown by 2.4 percent year-on-year to $725 million (AED2.66 billion).
It added that the company achieved its highest-ever (EBITDA) of $1.05 billion (AED3.86 billion), an increase of 4.8 percent year-on-year.
Underlying EBITDA, excluding inventory gains and one-off items, reached $989 million (AED3.63 billion), an increase of 11.4 percent year-on-year.
This record-breaking performance reflects robust fuel volumes, significant non-fuel retail growth, and increasing contributions from international operations including Saudi Arabia and Egypt, it added.
The company has reported a record Return On Capital Employed of 28.8 percent for 2024, the highest since its initial public offering.
Bader Saeed Al Lamki, CEO of ADNOC Distribution, commented: “ADNOC Distribution’s strong performance in 2024 underscores our strategic focus on delivering value for both our customers and shareholders. By driving operational efficiency, embracing digital transformation, and expanding our market presence, we are well-positioned to achieve the ambitious goals of our five-year strategy.”
The company’s Board of Directors has recommended a cash dividend of $350 million (AED1.285 billion), equivalent to 10.285 fils per share for the second half of 2024, which is expected to be paid in April 2025, subject to shareholders’ approval at the upcoming General Assembly Meeting scheduled for March 2025.
