Dubai: Higher fuel prices and customer traffic at its service stations drives ADNOC Distribution’s nine-month results into record territory, with net profit up 39 per cent to Dh2.33 billion.
In the third quarter alone, net profit gained 45 per cent to Dh767 million. Revenues are up 62.8 per cent to Dh23.92 billion.
The ADNOC subsidiary confirmed that this year’s minimum dividend payout will be Dh2.57 billion, which represents an annual dividend yield of 4.6 per cent. The company has already paid Dh1.28 billion for H1-2022, and will deliver the next in April next. (The dividend comes to 10.28 fils a share.)
“The company’s dividend policy for the years thereafter sets a dividend equal to at least 75 per cent of distributable profits,” said a statement.
Total fuel volumes are up 7 per cent in these nine months, with a 9 per cent increase in non-fuel retail gross profit.
"We have continued to demonstrate our growth trajectory, and maintained a robust cash generation with a strong balance-sheet," said Bader Saeed Al Lamki, CEO, ADNOC Distribution.
The opening of our flagship service station in Dubai (on Shaikh Zayed Road), has not only showcased our cutting-edge digital customer experience, but also reiterated our commitment to long-term sustainable growth and generating attractive shareholder returns.
It's about future-proofing - and coffee
The new face of fuel retail saw ADNOC Distribution try out smart cameras and digital screens at the pump to 'deliver a personalized, digitally immersive' customer experience. And there was the coffee too - "C-store (convenience store) sales continued to gain momentum during the third quarter due to the company’s commitment to its non-fuel retail strategy and increasing popularity of its specialty-grade coffee," the statement added.