ADNOC Distribution has approved the second and final dividend payment of AED1.285 billion ($342 million) for 2021.
This dividend payment comes on top of an interim AED1.285 billion (10.285 fils per share) dividend payment for the first half of 2021, which was paid in October 2021, resulting in a full-year dividend of AED2.57 billion (20.57 fils per share).
The company said it increased its network in the UAE to 462 stations in 2021 and operationalized 40 stations in Saudi Arabia. The company also increased exports of its lubricants business, ADNOC Voyager, to 19 countries across three continents.
ADNOC Distribution said its dividend policy sets a dividend of a minimum AED2.57 billion for 2022, providing visible payback to shareholders until April 2023. The dividend policy for the years after that sets a dividend equal to at least 75 percent of distributable profits.
Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of ADNOC Distribution, that in 2022 the company was planning to open 60 to 80 new stations, including 20 to 30 in the UAE and 40 to 50 new stations in international markets, including Saudi Arabia.
ADNOC Distribution recorded a net profit of AED2.2 billion and earnings before interest, tax, depreciation and amortization (EBITDA) of AED3.1 billion.