ADNOC Distribution’s Q2 profit exceeds AED 623 million, with cash dividends of AED 1.3 billion distributed to shareholders.
ADNOC Distribution witnessed a significant increase in its profits during the second quarter of this year, reflecting strong performance in various sectors of the company, and supporting Cash Dividend Expectations To shareholders in the period Next.
Increase ADNOC’s profits and revenues
The company announced a 13% growth in its profits after tax to AED 623 million, with an income tax charge of AED 74 million.
This growth is attributed to an 8% increase in the company’s revenues, reaching nearly AED 9 billion, as a result of the increase in the quantities of fuel sold and the increase in non-fuel retail sales.
Retail expansion contributes to increasing ADNOC’s revenues
The expansion of the car wash business, in addition to enhancing the retail store offerings and car care services, contributed to the increase in the company’s revenues.
This was positively reflected in the financial results, as profits for the first half of the year increased by more than 7.6% to reach 1.2 billion dirhams.
Cash dividends and future investments
The company expects to distribute cash dividends to shareholders next October for the first half of the year, totaling 1.3 billion dirhams.
The company’s statement also stated that it plans to allocate between AED 918 million and AED 1.1 billion as investment expenditures during 2024, confirming its commitment to strengthening and developing its business in the future.
