Abu Dhabi's ADNOC Distribution to pay a 'minimum' of Dh2.57b as dividends for 2022
From '23, fuel retailer will pump out at least 75% of distributable profits as dividend
Dubai: ADNOC Distribution’s shareholders are in for a dividend treat. The Abu Dhabi owned fuel retailer will payout a ‘minimum’ of Dh2.57 billion this year as dividends and ‘at least 75 per cent of distributable profits’ from next year.
For last year, the dividend came to Dh2.57 billion (at 20.57 fils a share), paid out in two tranches. “This is not only consistent with ADNOC Distribution’s approved dividend policy but a clear indicator of the company’s ability to provide and maintain strong value for shareholders,” it said in a statement.
The company is on track to deliver a minimum of $1 billion in EBITDA (earnings before interest, tax, depreciation, and amortisation) by 2023.
“ADNOC Distribution is well positioned to grow its earnings amid economic recovery and driven by our expansion in domestic and international markets, while continuing to explore new opportunities to accelerate growth,” said Dr. Sultan Ahmed Al Jaber, Chairman of ADNOC Distribution as well as of the parent company ADNOC. “The company remains committed to pursuing its expansion plans, locally and internationally.”
Apart from within the UAE, the company will raise its international presence to 50 fuel stations, including those in Saudi Arabia.
"The end of 2021 saw a recovery in fuel volumes, as well as double-digit growth in volume in the strategic Dubai market, supporting a solid performance for the year as the country continued to recover from the restrictions imposed by the COVID-19 pandemic," the company said in a statement.