ADNOC Distribution, the fuel distribution arm of Abu Dhabi National Oil Company, has received approval from its shareholders for a total dividend of $700m for 2022, equating to 20.57 fils per share. The payment is set to be made in April 2023. The company saw a surge in its full-year net profit, up 22% YoY to Dhs2.74bn in 2022, with revenues also rising 54% to Dhs32bn, driven by increased fuel selling prices amid a rise in global crude prices. ADNOC Distribution expects to pay a “minimum” dividend of 20.57 fils per share for 2023.
The company’s dividend policy is to pay at least 75% of distributable profits in the years thereafter. Its convenience store sales grew by 15% YoY in 2022. ADNOC Distribution’s expansion into Egypt is part of its wider strategy to extend its reach into international growth markets. It acquired a 50% stake in TotalEnergies Marketing Egypt for around $186m in February.