Abu Dhabi – Mubasher: Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) posted net profits attributable to the owners amounting to AED 1.08 billion during the first half (H1) of 2023.
The generated net profits were compared with AED 1.56 billion in H1-22, according to the interim consolidated financial results.
Revenues hit AED 16.13 billion in H1-23, versus AED 15.37 billion in the six-month period that ended on 30 June 2022.
Basic and diluted earnings per share (EPS) stood at AED 0.08 in H1-23, an annual drop from AED 0.12.
Financial Statements for Q2-23
In the second quarter (Q2) of 2023, ADNOC Distribution registered AED 551.48 million in net profit attributable to the shareholders, down year-on-year (YoY) from AED 891.15 million.
Revenues decreased to AED 8.13 billion in Q2-23 from AED 8.63 billion in Q2-22, while the basic and diluted EPS plummeted to AED 0.04 from AED 0.07.
Bader Saeed Al Lamki, CEO of ADNOC Distribution, said: “ADNOC Distribution has delivered robust results in the first half of the year, driven by strong operating performance and efficiency improvement initiatives across the company.”
“We continue to actively support and contribute to the UAE’s strategic vision by reducing carbon emissions from our operations and supporting sustainable mobility objectives,” Al Lamki noted.
He indicated: “This approach aligns with our future-proofing strategy and capitalises on the opportunities offered by the energy transition.”
Dividends
In line with its dividend policy and subject to the board’s approval, the UAE-based firm is expected to pay AED 1.28 billion as cash dividends for H1-23 in October.
As of 31 March 2023, the company logged an annual decline in net profit attributable to the owners to AED 537.32 million, versus AED 670.68 million.
