The board of Adnoc Distribution, the UAE’s largest fuel and convenience retailer, has approved an interim cash dividend of Dh1.285 billion ($350 million) for the first six months of 2023, based on the company's "strong financial position".
The amount, which is equivalent to 10.285 fils per share, represents the first part of the expected full-year 2023 dividend payment of a minimum of Dh2.57 billion, or 20.57 fils per share, Adnoc Distribution said in a statement on Tuesday to the Abu Dhabi Securities Exchange, where its shares are traded.
The second and final dividend for 2023 is expected to be paid in April 2024, subject to approval.
The full-year dividend would offer a 5.4 per cent annual dividend yield, based on the share price of Dh3.80 as of September 25.
The company’s dividend policy for 2024 sets a dividend payout of a minimum of 75 per cent of distributable profits.
The deadline for purchasing shares to qualify for the interim dividend payment is October 3, the company said.
“Adnoc Distribution continues to offer an attractive value proposition to its shareholders, underpinned by our commitment to delivering on our smart growth strategy, future-proofing the business, and unlocking additional value from efficiency enhancements," said Bader Al Lamki, chief executive of Adnoc Distribution.
"Our strong balance sheet and consistent robust cash generation provide the foundation for efficient capital allocation towards future growth and shareholder returns."
Adnoc Distribution reported a 2 per cent annual increase in net profit for the first half of the year, excluding inventory movements, to Dh1.03 billion, on higher fuel volumes and efficiency initiatives.
Revenue between January and June rose 4.9 per cent on an annual basis to Dh16.13 billion. Underlying earnings before interest, taxes, depreciation and amortisation increased 9 per cent year-on-year to Dh1.57 billion.
Adnoc Distribution has been growing its presence and in the past five years, it has opened about 200 new service stations across the UAE and Saudi Arabia, expanding its Gulf network to 575 service stations.
In February, it also acquired a 50 per cent stake in TotalEnergies Marketing Egypt, adding 240 additional service stations to its network portfolio.
Last week, the company opened three service stations in Greater Cairo, marking the first time the company has opened its Adnoc-branded service stations in Egypt.
It also plans to launch another six in Egypt by the end of this year.
The company is also "on track" to achieve its 2023 full-year target of adding between 25 and 35 new service stations to its network, it said.
Adnoc Distribution has increased exports of its lubricants business, Adnoc Voyager, expanding its network to 32 global markets.
It is also exploring growth opportunities and revenue streams from the energy transition, including electric vehicle charging, the company said.
Outside fuel, it operates 351 Adnoc Oasis convenience stores, 33 vehicle inspection centres and other services including car washing.
“We will continue our proactive efforts to address evolving consumer needs and unlock new opportunities for growth," Mr Al Lamki said.
Since its initial public offering in 2017, the company has paid a total of Dh13.6 billion in dividends, including the amount for the first half of this year.
The specs
Engine: 6.2-litre V8
Transmission: ten-speed
Power: 420bhp
Torque: 624Nm
Price: Dh325,125
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TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
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'Fantastic Beasts: The Secrets of Dumbledore'
Rating: 3/5
Directed by: David Yates
Starring: Mads Mikkelson, Eddie Redmayne, Ezra Miller, Jude Law
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
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Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
MATCH INFO
Leeds United 0
Brighton 1 (Maupay 17')
Man of the match: Ben White (Brighton)
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
Is it worth it? We put cheesecake frap to the test.
The verdict from the nutritionists is damning. But does a cheesecake frappuccino taste good enough to merit the indulgence?
My advice is to only go there if you have unusually sweet tooth. I like my puddings, but this was a bit much even for me. The first hit is a winner, but it's downhill, slowly, from there. Each sip is a little less satisfying than the last, and maybe it was just all that sugar, but it isn't long before the rush is replaced by a creeping remorse. And half of the thing is still left.
The caramel version is far superior to the blueberry, too. If someone put a full caramel cheesecake through a liquidiser and scooped out the contents, it would probably taste something like this. Blueberry, on the other hand, has more of an artificial taste. It's like someone has tried to invent this drink in a lab, and while early results were promising, they're still in the testing phase. It isn't terrible, but something isn't quite right either.
So if you want an experience, go for a small, and opt for the caramel. But if you want a cheesecake, it's probably more satisfying, and not quite as unhealthy, to just order the real thing.
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