Abu Dhabi – Mubasher: Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) logged net profits attributable to the owners amounting to AED 2.60 billion in 2023, versus AED 2.74 billion in 2022.
The revenues increased to AED 34.62 billion as of 31 December 2023 from AED 32.11 billion a year earlier, according to the consolidated financial results.
ADNOC Distribution recorded a 4.60% year-on-year (YoY) growth in earnings before interest, tax, depreciation, and amortisation (EBITDA) to $1 billion (AED 3.68 billion).
Meanwhile, the basic and diluted earnings per share (EPS) hit AED 0.20 in 2023, compared to AED 0.22 in 2022.
Total assets reached AED 18.89 billion last year, higher than AED 16.01 billion as of 31 December 2022.
Bader Saeed Al Lamki, CEO of ADNOC Distribution, commented: "Fueled by our record EBITDA of over $1 billion, 2023 was a remarkable and transformative year for ADNOC Distribution.”
“Looking ahead, ADNOC Distribution’s board of directors has approved a new five-year strategy for 2024-28, targeting the next phase of growth with a focus on sustainable mobility and convenience,” Al Lamki said.
He indicated: “It includes optimising existing assets to improve our profitability, doubling down on non-fuel retail, and generating new revenue streams offered by energy transition to future-proof our business and increase customer satisfaction.”
Dividends for H2-23
The company’s board members agreed to distribute a cash dividend of AED 1.28 billion for the second half (H2) of 2023.
Subject to the approval of the general assembly, the ADX-listed group will pay AED 10.28 per share to eligible shareholders.
In the nine-month period that ended on 30 September 2023, ADNOC Distribution posted YoY lower net profits attributable to the shareholders at AED 1.92 billion, compared to AED 2.32 billion.
