ADNOC Distribution said Thursday its full-year profit for 2022 soared 22% to $748.7 million (AED 2.8 billion), compared to the previous year, driven by an increase in revenue on higher fuel prices and a fast-growing network.
The UAE-based fuel and convenience retailer said earnings before interest, taxes, depreciation, and amortization (EBITDA) for the year rose 15% to $952.9 million (AED 3.5 billion) while revenues reached $8.7 billion (AED 32.1 billion) compared to the $5.7 billion (AED 20.9 billion) for the previous year.
The company said total fuel volumes continued to increase last year, recording an 8% year-on-year growth, with commercial fuel volumes seeing a 19% jump. ADNOC Distribution’s continued expansion across the UAE contributed to its fuel volumes growth, the ongoing service station network expansion nationwide, and higher customer traffic.
The company’s operating profit for 2022 reached $817 million (AED 3 billion) compared to $653 million (AED 2.4 billion) the previous year. The company's board recommended a dividend of $354 million (AED 1.3 billion), or $2.8 (AED 10.3) per share, for the second half of 2022.
Total dividend for the fiscal year 2022 is expected to be $708 million (AED 2.6 billion), or $5.6 (AED 20.57) per share, still subject to shareholders’ approval, which would translate to a 4.6% annual dividend yield for 2022.
According to ADNOC Distribution, following its record earnings in 2022, it expects growth momentum to continue through 2023, a year in which the comaimseting to achieve a minimum of $1 billion in EBITDA.
