3.86 billion dirhams profits "ADNOC Distribution" In 2024

Abu Dhabi, February 11/ WAM/ ADNOC Distribution achieved record profits before interest, tax, consumption and firefighting, amounting to 3.86 billion dirhams (1.05 billion dollars), in the year 2024, an increase of 4.8% on an annual basis.

The basic profits before deducting interest, tax, consumption and extinguishing, with the exception of inventory gains and unexplained items, reached 3.63 billion dirhams “989 million dollars”, an increase of 11.4% on an annual basis.

This strong performance comes as a result of the increase in the quantities of fuel sold and the remarkable growth of the non -fuel retail sector, in addition to growth in international markets that include Saudi Arabia and Egypt.

The company also disclosed a record return on working capital by 28.8% for the year 2024, which is the highest since the company’s initial offering, which confirms the exceptional efficiency of the company in allocating capital and increasing the value to shareholders.

The average net profit increased by 2.4% on an annual basis to 2.66 billion dirhams ($ 725 million), before calculating the impact of income tax on companies in the country that entered into force in the same year, which reflects the strong basis of ADNOC Distribution.

The company also made great progress in its plans to reduce operating expenditures, as it provided 66 million dirhams “$ 18 million” of operational expenses on a similar basis in 2024.

These savings are a great progress towards achieving the company’s goal to provide 184 million dirhams “50 million dollars” of operational expenses on a similar basis during the period from 2024 to 2028.

Engineer Badr Saeed Al -Lamki, CEO of Adenk Distribution, said that the strong results achieved by ADNOC Distribution during the year 2024 reflect their commitment to providing value to its customers and shareholders, pointing out that the company is in an ideal location to achieve the ambitious goals of its five -year strategy by improving operational efficiency and adopting digital transformation, And expanding the scope of its presence in the market.

Al -Lamki added that, given the future, the company is confident of its ability to continue growing and explore new opportunities, locally and internationally.

The company recorded a record level in the total quantities of fuel sold to 15.0 billion liters in 2024, achieving an increase of 8.7% on an annual basis, thanks to increased movement, mobility and expanding its international operations, especially in Saudi Arabia and Egypt.

The quantities of the fuel of the company sold in the Gulf Cooperation Council countries increased by 7.6% to 11.9 billion liters, and in 2024, the company expanded its stations network significantly, as it added 59 new service stations, including 30 stations under development in Saudi Arabia.

The growth in the network is three times the previous annual goal, which ranged between 15 to 20 service stations, as the total network of the company’s stations reached 896 service stations, which enhances its leading position in the fuel distribution sector and the operation of retail stores in the region, and in addition, ADNOC distributed the pace of expansion of its stations network, especially in Saudi Arabia, where the number of stations reached 100 service stations belonging to Adanoc distribution in Saudi Arabia, with plans to add 30 to 40 other service stations to its network in the Kingdom during the year 2025.

The company’s network of electric vehicle charging points witnessed a significant expansion in 2024, where 220 charging points were installed in strategic locations, which represents an increase in the company’s size by four times compared to 2023.

The company exceeded its goal for the year represented in installing between 150 to 200 shipping points during the year 2024, which enhances its ability to achieve its goal of installing more than 500 electrical charge points by 2028.

ADNOC Distribution continued to achieve its five -year strategy goals, as it succeeded in a great extent in expanding its network of stations, and enhancing the growth of the non -fuel retail sector, while the company focuses on enhancing sustainable growth to achieve attractive returns for shareholders.

In this context, the company’s board of directors recommended distributing cash dividends of 1.285 billion dirhams “350 million dollars” for the second half of the year 2024, which is equivalent to 10,285 fils per share, and these profits are scheduled to be distributed in April 2025, after obtaining the approval of the shareholders at a meeting The next general assembly to be held in March 2025.

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