Abu Dhabi’s ADNOC Distribution posts net profit worth Dhs1.7bn for first nine months of 2021

Abu Dhabi’s ADNOC Distribution reported that its net profit stood at Dhs1.7bn for the first nine months of 2021, while its earnings before interest, taxes, depreciation, and amortisation (EBITDA) equalled Dhs2.3bn.

For the third quarter, the company’s EBITDA was Dhs737m with a net profit of Dhs529m. The total fuel volumes in September increased by 10.6 per cent compared to August.

In the first nine months of 2021, we delivered EBITDA of AED 2.3 billion and Net Profit of AED 1.7 billion, continuing our domestic and international expansion and improved operational efficiencies. #ADNOCDistribution

Find out more: https://t.co/X5hu0JTrfX pic.twitter.com/3iz5ZL35Vz

— ADNOC Distribution (@ADNOCdist) November 9, 2021

 

A total of 31 stations now operate in Dubai, with a total network of 459 stations across the UAE as of September 30, 2021. The company’s non-fuel business recorded a gross profit increase of 4.3 per cent in the third quarter of 2021 compared to the same period in 2020. Throughout the first nine months of 2021, ADNOC Distribution’s operational expenditure (excluding depreciation) decreased by 17.8 percent compared to the first nine months in 2020.

The company received no-objection certificates from the Saudi General Authority for Competition (GAC) to acquire 35 stations in Saudi Arabia. It added 10 new stations in the kingdom as of November 8, 2021.

Bader Saeed Al Lamki, CEO of ADNOC Distribution, said, “We will continue to deliver on our expansion plans, domestically and internationally, which positions us as an even stronger fuel and convenience retail leader in the UAE and cements our place as a global fuel retailer.”

The ADNOC Rewards loyalty programme recorded more than 1.2 million members. Following ADNOC Distribution’s inclusion in MSCI Emerging Markets Index in May 2021, it was also included in the FTSE Emerging Markets Index in September 2021.

Read: Abu Dhabi’s ADNOC Distribution to join MSCI emerging markets index on May 27

In September, ADNOC Distribution announced that its board of directors had approved an interim dividend payment to shareholders for the first six months of 2021 of Dhs1.285bn (10.285 fils per share), equivalent to $350m, which was paid in October 2021.

Read: Abu Dhabi’s ADNOC Distribution approves $350m interim cash dividend for H1 2021

This was the first payment in what is expected to be a full-year 2021 dividend payment of Dhs2.57bn.

As per the company’s approved policy, the second and final dividend for 2021 is expected to be paid in April 2022, subject to the board of directors’ recommendation and shareholders’ approval.