ADNOC Distribution reports record EBITDA for FY 2024
ABU DHABI - ADNOC Distribution today announced its financial results for 2024, achieving its highest-ever Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) of $1.05 billion (AED3.86 billion), an increase of 4.8 percent year-on-year.
Underlying EBITDA, excluding inventory gains and one-off items, reached $989 million (AED3.63 billion), an increase of 11.4 percent year-on-year.
This record-breaking performance reflects robust fuel volumes, significant non-fuel retail growth, and increasing contributions from international operations including Saudi Arabia and Egypt.
The company has reported a record Return On Capital Employed of 28.8 percent for 2024, the highest since its initial public offering. This underscores the company's exceptional efficiency in capital allocation, ultimately resulting in greater incremental value for shareholders.
Net profit, excluding the impact of the UAE corporate income tax which came into effect in 2024, would have grown by 2.4 percent year-on-year to $725 million (AED2.66 billion), highlighting ADNOC Distribution's strong fundamentals. Reported net profit decreased 7.0 percent year-on-year.
The company made significant progress in reducing operational costs, achieving $18 million (AED66 million) in like-for-like OPEX savings in 2024. These savings mark significant progress towards achieving the company's objective of $50 million (AED184 million) in like-for-like OPEX reductions between 2024 and 2028.
Bader Saeed Al Lamki, CEO of ADNOC Distribution, commented: "ADNOC Distribution's strong performance in 2024 underscores our strategic focus on delivering value for both our customers and shareholders. By driving operational efficiency, embracing digital transformation, and expanding our market presence, we are well-positioned to achieve the ambitious goals of our five-year strategy."
ADNOC Distribution delivered record total fuel volumes of 15.0 billion litres in 2024, marking a year-on-year increase of 8.7 percent, driven by higher mobility and expanded international operations, particularly in Saudi Arabia and Egypt.
The company's fuel volumes in GCC countries grew by 7.6 percent year-on-year to 11.9 billion litres.
The company significantly expanded its retail network in 2024, adding 59 new service stations across the network, including 30 stations under development in Saudi Arabia.
The network growth is over three times the company's full-year guidance of 15-20 new stations. This expansion brings the company's total network to 896 service stations.
In addition, ADNOC Distribution has been able to accelerate its network expansion in Saudi Arabia, growing the number of service stations to 100, with plans to add a further 30 to 40 new stations to the network in 2025.
The company's EV charging network also saw significant expansion, with 220 charging points installed at strategic locations in 2024 – a fourfold increase compared to 2023. This exceeded the company's guidance of 150-200 charging points for the year and advanced its goal of deploying over 500 charging points by 2028.
ADNOC Distribution continues to deliver on its five-year strategy, achieving key milestones in network expansion and non-fuel retail growth. The company remains committed to delivering sustainable, profitable growth and attractive shareholder returns.
The company's Board of Directors has recommended a cash dividend of $350 million (AED1.285 billion), equivalent to 10.285 fils per share for the second half of 2024, which is expected to be paid in April 2025, subject to shareholders' approval at the upcoming General Assembly Meeting scheduled for March 2025.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
6 days ago
- Khaleej Times
NMDC LTS concludes acquisition of 70% equity stake in Emdad
NMDC LTS, a wholly owned subsidiary of the NMDC Group, has completed the acquisition of a 70 per cent stake of the share capital and voting rights in Emdad, an integrated service provider specialising in the oil and gas, utilities, and industrial sectors. The transaction was financed through debt and equity. This acquisition enables NMDC Group to expand into the OPEX segment of recurring revenues in the oilfield services, further diversifying its portfolio and strengthening its competitive advantage. In parallel, this acquisition will provide NMDC Group with a broader range of services and additional avenues for revenue growth, with Emdad's offering spanning over an array of different services, including well intervention, waste management, shutdown/ turnaround, coil tubing, valves, among other services. Emdad reported revenues in excess of Dh600 million in 2024 and its equity stood at Dh217 million. Eng. Yasser Zaghloul, CEO of NMDC Group, commented: 'We are happy to complete this landmark acquisition which marks the beginning of an exciting new chapter for both organizations. Emdad stands out as an industry leader with robust capabilities and deep sector expertise. By combining its strengths with NMDC's scale and commitment to innovation, we now have a powerful platform to unlock long-term value. With diversification at its core, this integration enhances our ability to deliver broader service offerings, create greater value, and drive sustainable growth for our clients, partners, and stakeholders across the dynamic energy landscape.' Mohammed Juma Al Bawardi, CEO of Emdad, commented: 'This milestone transaction underscores the sophistication and attractiveness of the UAE's energy sector as well as the trust that NMDC has in Emdad's position as a leading service provider in the market. We are confident that through this compelling partnership, where we are now plugged into the wider NMDC platform, we will be able to chart an exciting new journey of growth. Ultimately, this collaboration will unlock deeper value for our customers and help us to achieve our shared goals for sustainable success.' The update is another further step in NMDC's strategy to drive value creation, strengthen its regional presence, and support revenue growth. It marks a leap in NMDC Group's broader expansion and diversification goals, paving the way for future innovation and leadership in the energy sector.
Zawya
6 days ago
- Zawya
NMDC LTS concludes acquisition of 70% equity stake in 'Emdad'
ABU DHABI - NMDC Group announced that NMDC LTS, a wholly owned subsidiary of the Group, completed the acquisition of a 70 percent stake of the share capital and voting rights in Emdad, an integrated service provider specialising in the oil and gas, utilities, and industrial sectors. The transaction was financed through debt and equity. This strategic acquisition enables NMDC Group to expand into the OPEX segment of recurring revenues in the oilfield services, further diversifying its portfolio and strengthening its competitive advantage. In parallel, this acquisition will provide NMDC Group with a broader range of services and additional avenues for revenue growth, with Emdad's offering spanning over an array of different services, including well intervention, waste management, shutdown/ turnaround, coil tubing, valves, among other services. Emdad reported revenues in excess of AED600 million in 2024 and its equity stood at AED217 million. Eng. Yasser Zaghloul, CEO of NMDC Group, commented, "We are happy to complete this landmark acquisition which marks the beginning of an exciting new chapter for both organisations. Emdad stands out as an industry leader with robust capabilities and deep sector expertise. By combining its strengths with NMDC's scale and commitment to innovation, we now have a powerful platform to unlock long-term value. "With diversification at its core, this integration enhances our ability to deliver broader service offerings, create greater value, and drive sustainable growth for our clients, partners, and stakeholders across the dynamic energy landscape.' Mohammed Juma Al Bawardi, CEO of Emdad, said, 'This milestone transaction underscores the sophistication and attractiveness of the UAE's energy sector as well as the trust that NMDC has in Emdad's position as a leading service provider in the market. "We are confident that through this compelling partnership, where we are now plugged into the wider NMDC platform, we will be able to chart an exciting new journey of growth. Ultimately, this collaboration will unlock deeper value for our customers and help us to achieve our shared goals for sustainable success.' The update is another further step in NMDC's strategy to drive value creation, strengthen its regional presence, and support revenue growth. It marks a leap in NMDC Group's broader expansion and diversification goals, paving the way for future innovation and leadership in the energy sector.
Zawya
02-06-2025
- Zawya
ADNOC Gas joins MSCI Emerging Market Index
ADNOC Gas has been added to the MSCI Emerging Markets Index, becoming the third ADNOC stock to join the global benchmark that includes the most prominent publicly listed companies from 24 emerging market countries. ADNOC Gas will be the largest addition to the Index by market capitalisation and joins ADNOC Distribution and ADNOC Drilling which were added to the benchmark in 2021 and 2024, respectively. The company's inclusion follows its successful $2.84 billion (AED10.3 billion) marketed offering of 3.1 billion shares in February, which increased the number of shares available to the public by 80% and helped the stock successfully meet key eligibility criteria for entry into the Index. This marks a significant milestone in the ADNOC Gas's ongoing efforts to enhance its global investment profile, attract a broader and more diversified investor base and improve liquidity of its shares. Through their inclusion in the MSCI Index, the three ADNOC Group companies collectively raise both ADNOC's and the Abu Dhabi Securities Exchange's (ADX) global investment profile, while enhancing liquidity in the UAE market and further cementing the UAE's position as an attractive destination for foreign investment. As with ADNOC Distribution and ADNOC Drilling's addition to the Index, ADNOC Gas experienced a surge in trading on the final day before its index inclusion, attracting $469 million (AED1.7 billion) in capital inflows. The inclusion of ADNOC Gas in the Index also marks another milestone in ADNOC's efforts to foster growth of the UAE's capital market, which began in 2017 with the public listing of ADNOC Distribution on the ADX. Since then, ADNOC has brought another five of its subsidiaries to the public market, with a current combined market cap of around $140 billion (AED508 billion). ADNOC's growing listed company portfolio is providing attractive opportunities for global investment into the UAE, further integrating the UAE's capital markets into the global financial ecosystem.
