ADNOC Distribution approves H2 2021 dividend of Dhs1.285bn

ADNOC Distribution has announced a second and final dividend payment of Dhs1.285bn (10.285 fils per share) for the year ended December 31, 2021.

This comes on top of an interim Dhs1.285bn (10.285 fils per share) dividend payment for the first half of 2021, which was paid in October 2021, resulting in a full-year dividend of Dhs2.57bn (20.57 fils per share).

The company increased its network in the UAE to 462 stations in 2021, its international expansion a prominent focus throughout last year, with the operationalising of 40 stations in Saudi Arabia. The company also increased exports of its lubricants business, ADNOC Voyager, to 19 countries across three continents.

The company’s dividend policy sets a dividend of minimum Dhs2.57bn for 2022, providing payback to shareholders until April 2023. The dividend policy for the years thereafter sets a dividend equal to at least 75 per cent of distributable profits.

Dr. Sultan Ahmed Al Jaber, chairman of ADNOC Distribution, said: “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. The company remains committed to pursuing its expansion plans, locally and internationally. In 2022,  are planning for 60 to 80 new stations, including 20 to 30 in the UAE and 40 to 50 new stations in international markets, including Saudi Arabia.”

2021 marked another year of achievements, and transformation, with a strong commitment to maintaining growth momentum. #ADNOCDistribution pic.twitter.com/BupK4gE0kE

— ADNOC Distribution (@ADNOCdist) March 25, 2022

ADNOC Distribution recorded a net profit of Dhs2.2bn and earnings before interest, tax, depreciation and amortisation of Dhs3.1bn for 2021.

Dr. Sultan Al Jaber added: “Our business landscape is fundamentally shifting, and ADNOC Distribution is leading this fuel retail transformation. We understand that consumers want greater convenience, and exceptional service, brought through digital innovation and a commitment to delivering balanced economic growth with environmental responsibility.

“We are constantly innovating to further reduce the carbon intensity of our operations and provide a diversified energy mix for our customers that meets the demands of today, while energising the way for tomorrow.”

Eng. Bader Saeed Al Lamki, CEO, ADNOC Distribution, said: “In 2021, we delivered sound and strategic growth. Our focus on continued expansion in the UAE was complemented by the development of our business in international markets, namely Saudi Arabia. I am confident in the progress we have, and continue, to make. We drive forward with smart, sustainable growth, and the spirit of innovation that propels our vision to deliver quality, consistently.

“I am secure in our continued focus on diverse national and international growth. That together with an unwavering commitment to delivering quality, innovative and sustainable mobility products and solutions will see us meet and exceed our growth objectives for many years to come.”

In other news, in March, ADNOC Distribution launched a new Voyager Green Series range of lubricant products for both petrol and diesel engines, made from 100 per cent plant-based base oil.

Read: UAE’s ADNOC Distribution launches range of 100% plant-based engine oils