Adnoc Distribution, the UAE’s largest fuel and convenience retailer, has announced an interim dividend after reporting strong profits in the first six months of the year.
The company’s shareholders approved a second-half dividend payment of Dh1.28 billion ($350 million), the company said in a statement to Abu Dhabi Securities Exchange (ADX), where its shares are traded.
This is the first payment of the full-year 2022 dividend payment of a minimum of Dh2.57bn (20.57 fils per share), in line with the company’s dividend policy, with the second and final dividend for 2022 expected to be paid in April 2023.
Adnoc Distribution said it will continue its policy of paying a minimum dividend of Dh2.57bn for 2022 and a yearly payout equal to at least 75 per cent of distributable profits from 2023 onwards.
The 2022 full-year dividend would offer a 4.9 per cent annual dividend yield based on a share price of Dh4.21 as of September 27.
“Adnoc Distribution’s resilience and steadfast focus on smart growth has positioned us to confidently deliver on our strategic priorities while ensuring attractive capital returns for our shareholders,” said Bader Al Lamki, chief executive of Adnoc Distribution.
Since its IPO in 2017, the company has maintained a consistent dividend track record. It expects earnings momentum in fuel and non-fuel businesses to improve in 2022 and beyond and support its dividend policy.
During the first six months of the year, Adnoc Distribution recorded a strong performance, reporting Ebitda [earnings before interest, taxes, depreciation and amortisation] of Dh1.99bn, net profit of Dh1.56bn, up 35.6 per cent from the same period last year, and a free cash flow of Dh1.96bn.
As of the end of June 2022, the company maintained a solid balance sheet alongside robust liquidity. It had cash and cash equivalents (including term deposits) of Dh2.8bn, unutilised revolving credit facilities of Dh2.8bn, retained earnings of Dh2bn and net debt to Ebitda of 0.77 times.
“The attractive value proposition that we offer is backed by our strong earnings, stable and predictable cash flows and dividend policy that reaffirm our ongoing commitment to the shareholders,” Mr Al Lamki said.
During the first half of 2022, the company opened 12 new stations in the UAE, of which four are in Dubai, taking its domestic network to 472. In Saudi Arabia, the company added 26 new stations over the same period, taking its network in the kingdom to 66. The company’s total network stands at 538 stations as of June 30, as it increased exports of its lubricants business, Adnoc Voyager, growing its network to 21 global markets.
Adnoc Distribution recently announced its transaction to acquire a 50 per cent stake in TotalEnergies Marketing Egypt, one of the top four fuel retail operators in Egypt. The acquisition is expected to be completed in the first quarter of 2023.
The company was included on the FTSE Emerging Markets Index in September last year, followed by an increased weightage in May 2022. It is also listed on the new blue-chip FTSE ADX 15 (FADX15) Index, launched as a partnership between FTSE Russell and the ADX.
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Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
Zayed Sustainability Prize
Company%20profile
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The design
The protective shell is covered in solar panels to make use of light and produce energy. This will drastically reduce energy loss.
More than 80 per cent of the energy consumed by the French pavilion will be produced by the sun.
The architecture will control light sources to provide a highly insulated and airtight building.
The forecourt is protected from the sun and the plants will refresh the inner spaces.
A micro water treatment plant will recycle used water to supply the irrigation for the plants and to flush the toilets. This will reduce the pavilion’s need for fresh water by 30 per cent.
Energy-saving equipment will be used for all lighting and projections.
Beyond its use for the expo, the pavilion will be easy to dismantle and reuse the material.
Some elements of the metal frame can be prefabricated in a factory.
From architects to sound technicians and construction companies, a group of experts from 10 companies have created the pavilion.
Work will begin in May; the first stone will be laid in Dubai in the second quarter of 2019.
Construction of the pavilion will take 17 months from May 2019 to September 2020.
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
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Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
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The years Ramadan fell in May
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
