ADNOC Distribution's profit before tax at Dh2.6b; next dividend pay in April

Dubai: The Abu Dhabi fuel retailer ADNOC Distribution had its best EBITDA ever of Dh3.86 billion as it pumped out 15 billion liters over the course of 2024 to its customers. That's 8.7% higher fuel outflow than a year ago.

But there was a sizable help from its non-fuel operations too, with a 12.5% increase in gross profit growth through selling food, other consumables and car washing services at its stations.

Net profit before accounting for tax was 2.4% higher at Dh2.66 billion. But provisioning for corporate tax meant a 7% decline in 2024 net profit to Dh2.42 billion.

Shareholders can expect the next dividend – of Dh1.28 billion for H2-2024 – in April. This is equivalent to 10.28 fils a share.

“This is in line with the company’s 2024-28 dividend policy to distribute an annual dividend of Dh2.57 billion - or at least 75% of net profit, whichever is higher,” said a statement.  

Its free cash flow in 2024 reached Dh2.78 billion, which reflects ‘consistent cash generation and solid financial position that supports the commitment to pay $700 million in dividends for 2024’.

By 2028, the ADNOC entity plans to have 1,000 service stations and over 500 EV charging points. This year, it will create another 40-50 new stations across its network, of which 30-40 will be in Saudi Arabia.

As for EV charging points, after installing 220 of these last year in the UAE, the company’s aim is to add around 100 fast and super-fast charging points in 2025.

It also plans to double the number of Tier-1 F&B properties in 2025.

"We are well-positioned to achieve the ambitious goals of our five-year strategy," said Bader Saeed Al Lamki, CEO of ADNOC Distribution.

"Looking ahead, we are confident in sustaining robust growth and unlocking new opportunities both domestically and internationally.”