ADNOC Distribution reports record EBITDA for FY 2024 and accelerates operational growth
Non-fuel retail business continues to demonstrate strong results, with double-digit gross profit growth of 12.5% year-on-year
Record fuel volumes increasing 8.7% year-on-year to 15 billion liters
Accelerated network expansion by adding 59 stations in 2024, including 30 stations under development in Saudi Arabia, driven by the new growth strategy
Board recommends $350 million dividend equivalent to 10.285 fils per share for the second half of 2024, subject to shareholders' approval
Abu Dhabi, UAE: ADNOC Distribution (ISIN: AEA006101017) (Symbol: ADNOCDIST), the UAE's largest fuel and convenience retailer, today announced its financial results for 2024, achieving its highest-ever Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of $1.05 billion (AED 3.86 billion), an increase of 4.8% year-on-year.
Underlying EBITDA, excluding inventory gains and one-off items, reached $989 million (AED3.63 billion), an increase of 11.4% 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% for the year 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% year-on-year to $725 million (AED2.66 billion), highlighting ADNOC Distribution's strong fundamentals. Reported net profit decreased 7.0% 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.
Eng. 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. Looking ahead, we are confident in sustaining robust growth and unlocking new opportunities both domestically and internationally.'
Operational Performance
ADNOC Distribution delivered record total fuel volumes of 15.0 billion liters in 2024, marking a year-on-year increase of 8.7%, 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% year-on-year to 11.9 billion liters.
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, solidifying ADNOC Distribution's position as a leading fuel and convenience retailer in the region. 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 non-fuel retail business continues to demonstrate consistent strong results, with double-digit gross profit growth of 12.5% year-on-year. Key drivers of this growth included a 10.2% year-on-year increase in non-fuel transactions, the highest convenience store conversion rate in five years, a 33% year-on-year increase in barista-prepared drinks, upscaling of the car wash and lube change network, and launching additional Quick Service Restaurants.
The strong performance across the non-fuel retail business is a testament to the solid progress in successfully executing the Company's new non-fuel retail strategy which is expected to gain further traction as new initiatives gather pace. In 2024, ADNOC Distribution added 17 new convenience stores in the UAE, taking the Company's convenience stores network in the UAE to 373, and to 526 across its total network. This includes five standalone stores to capture opportunities for non-fuel retail growth outside its service stations.
There was a 10% increase in the number of occupied and awarded properties owned by ADNOC Distribution in 2024. New properties include restaurants that operate under exciting international and local brands bringing additional footfall to the Company's service stations. There are now 12 Burger King restaurants operating at ADNOC Distribution sites under a franchise agreement, with plans to add a further 5-10 restaurants in 2025. This contributes to the Company's target to diversify its revenue streams across its retail business.
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 invested in advanced digital technologies in 2024, integrating AI-driven tools to optimize fuel delivery, enhance customer insights, and improve operational efficiency. The ADNOC Rewards loyalty program also grew to 2.3 million members, representing a 18.5% year-on-year increase and further strengthening customer engagement and brand loyalty.
Attractive Shareholder Returns
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 (AED 1.285 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. This dividend is in line with the Company's 2024-2028 dividend policy to distribute an annual dividend of $700 million (AED 2.57 billion) or at least 75% of net profit, whichever is higher. Free Cash Flow in 2024 reached $756 million (AED 2.78 billion), underscoring the Company's consistent cash generation and solid financial position that supports the commitment to pay $700 million in dividends for 2024.
Future Outlook
With a clear growth strategy, ADNOC Distribution remains on track to achieve its 2028 targets, including operating 1,000 service stations and over 500 EV charging points. In 2025, the Company plans to add 40-50 new stations across its network, including 30-40 in Saudi Arabia. After installing 220 EV charging points in 2024, the Company's aims to install around 100 additional fast and super-fast charging points in 2025. It also plans to double the number of Tier-1 food and beverage properties in 2025, further enhancing its retail and real estate offerings.
The full fiscal year results are available at: www.adnocdistribution.ae/investor-relations
For media inquiries, please contact: media@adnocdistribution.ae
For investor relations, please contact: IR@adnocdistribution.ae
About ADNOC Distribution
ADNOC Distribution is a leading mobility retailer in UAE. The Company has been providing energy for customers' journeys since 1973. Since this time, the Company has continuously been at the forefront of providing the best in customer service. Today, ADNOC Distribution enables, enhances, and energizes every customer journey thanks to digitally enabled, innovative customer experiences and high-quality non-fuel retail products. The Company operates service stations in all seven emirates in its home country, plus Saudi Arabia, and sells lubricants in 46 countries across the world via distributors. Now in its 51st year, ADNOC Distribution has 896 service stations, 551 in the UAE, 70 in Saudi Arabia (in addition, 30 stations have been contracted and under development), and 245 in Egypt. As a non-fuel retail leader in the UAE, it operates 373 ADNOC Oasis convenience stores, 35 vehicle inspection centers, and other leading services spanning car wash, lube change, and EV charging. The Company is also the leading marketer and distributor of fuels to commercial, industrial, and government customers throughout the UAE. All figures as of 31 December 2024. ADNOC Distribution aims to be the global mobility retailer of choice, enabler of sustainable mobility, and provider of exceptional customer experiences. To find out more, visit www.adnocdistribution.ae.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Post
11 minutes ago
- Arabian Post
Bold Fusion: G‑SHOCK's GA‑V01 Redefines Hybrid Timepieces
Arabian Post Staff -Dubai G‑SHOCK has released its GA‑V01 in the UAE, marking a significant step forward in hybrid timepiece design by blending analogue presence with digital clarity in a robust, contemporary form. The GA‑V01 introduces a distinctive spherical aesthetic, combining a full‑screen LCD display with striking analogue hands that pivot via a magnetic 'Shock Release Hand' mechanism. This innovation absorbs impacts by allowing the minute hand to shift under force before realigning itself, demonstrating Casio's enduring commitment to durability alongside fresh design language. ADVERTISEMENT Immediately eye‑catching and resolutely functional, the GA‑V01 is available in four finishes: matte black, silver, blue‑violet, and neon yellow. Its 49.1 × 58.2 mm resin case, though sizeable, remains lightweight at approximately 74 g. The timepiece offers 200‑metre water resistance, dual LED illumination for analogue and digital elements, a 1/100‑second chronograph, multiple alarms, world‑time, countdown timer, and an auto calendar, all supported by a 10‑year battery. Origins of the GA‑V01 trace back to the brand's earliest prototypes, notably Kikuo Ibe's 1980s rubber‑ball concept. This heritage is reinterpreted in the model's organic form and smooth edges, paired with bold external hour markers that contrast the large display glass. Since its debut in China earlier this year, the GA‑V01 has expanded into Europe, the United States, and now the UAE market. Middle East availability coincides with CASIO Middle East & Africa's concentration on accessible innovation, aligning seamlessly with the brand's regional strategy. Watch‑industry commentators highlight the GA‑V01 as emblematic of a broader shift in consumer demand: a convergence of technical resilience and fashion‑forward design. Industry blog aBlogtoWatch describes the form as 'out‑of‑this‑world,' while G‑Central points to its dual LED lighting, integrated bezel‑band design, and magnetic-hand engineering as hallmarks of a new hybrid era. Geek‑style outlet Absolute Geeks focuses on the model's 'reinterpreted silhouette,' noting its design steers clear of excessive embellishment, favouring a streamlined aesthetic that complements both streetwear and casual ensembles. Priced at around AED 515, the GA‑V01 is positioned as an affordable but thoughtfully engineered timepiece—mere dollars above the GA‑2100 series—offering substantial technical gains including extended battery life, dual lighting, magnetic components, and shock‑tolerant hands. Within the broader context of wearable tech, Casio's strategy remains distinct. Rather than pursue smartwatch connectivity, the GA‑V01 doubles down on classic G‑SHOCK virtues: unparalleled toughness, readability, battery longevity, and contemporary build. Magzoid describes this direction as part of an 'Open V World' thematic vision that emphasises futuristic Y3K aesthetics while maintaining functionality and durability. Retail uptake and consumer feedback suggest growing endorsement among fashion shoppers and gadget enthusiasts alike. The magnetic hand mechanism, while novel, raises questions. Hodinkee's hands‑on review notes users might momentarily observe hand misalignment after impact, but reassures the mechanism self‑corrects within minutes. This iterative return‑to‑centre feature could shape expectations around hybrid durability, bridging the gap between traditional mechanical reassurance and digital precision. The watch's relative lightness—just 76 g including resin strap—also contributes to comfort over extended wear. In markets such as the UAE, consumers increasingly seek accessories that are practical yet expressive. The GA‑V01's balance of visual boldness and built‑in resilience places it firmly within this growing niche. CASIO Middle East & Africa has already scheduled a pop‑up launch at Singapore's Limited Edt Vault on 14 June 2025, signalling a coordinated regional rollout strategy. By aligning functional engineering with contemporary taste, the GA‑V01 pursues a hybrid watch concept for those uninterested in smartwatches yet desiring modern flair. The challenge facing Casio now is sustaining consumer intrigue as watch design trends evolve toward personalisation and tech‑lite utility.
Arabian Post
11 minutes ago
- Arabian Post
Abu Dhabi Emerges as Regional Financial Powerhouse
Abu Dhabi Global Market has recorded a substantial leap in its development as a financial hub, marking a more than 30 per cent increase in registered firms last year and a remarkable 245 per cent surge in assets under management. Such gains stem from the emirate's strategic mobilisation of its nearly US $2 trillion in sovereign wealth, aimed at diversifying its economy beyond its dominant oil sector. This year's first quarter performance continued its strong momentum. ADGM issued 67 per cent more new operating licences, lifting its total to over 2,380 active firms. Global financial giants including BlackRock, Morgan Stanley, and PGIM now operate from its jurisdiction, while hedge fund Marshall Wace has also established a presence. These entrants reflect a growing appetite from asset managers and institutions from Asia, particularly Japan, India, and China. Abu Dhabi's sovereign funds, notably Mubadala and Abu Dhabi Investment Authority, continue to deploy capital into future-facing industries. Mubadala's assets rose by 9 per cent to AED 1.2 trillion in 2024, with heavy investment in technology, manufacturing, AI and advanced manufacturing driving growth. Its subsidiary, MGX, recently committed US $2 billion in cryptocurrency-related investments. ADVERTISEMENT Concurrently, Fortress Investment Group established a dedicated office in Abu Dhabi, appointing Charles Spetka to lead its regional operations. The move, part of a US $1 billion co-investment arrangement with Mubadala, highlights the emirate's expanding appeal not only in asset management but also in private credit and real estate. ADGM emphasises technological innovation within its development strategy. It remains one of the few jurisdictions globally to apply English common law directly and has implemented a robust digital framework. Most recently, ADGM launched a mobile application facilitating regulatory updates, licence renewals, compliance services and an electronic real estate transaction platform—claiming to be the first of its kind in the region. Blockchain initiatives have also been bolstered, with players like Stacks Asia and Bitgrit entering its distributed ledger ecosystem. In parallel, the emirate is positioning itself as a regional AI and data services centre. Abu Dhabi's G42, a state-linked tech firm, is spearheading the Stargate UAE initiative: a globally significant AI campus due to launch in 2026, hosting some of Nvidia's most advanced chips and planned in collaboration with US tech firms such as OpenAI, Cisco and Oracle. Despite some US regulatory hesitancy over technology transfers, Abu Dhabi remains determined to finalise the project. The Gulf region as a whole is embracing artificial intelligence as a tool to reshape its economic trajectory. Saudi Arabia and the UAE anticipate an AI-driven contribution of up to US $150 billion to their economies, deploying extensive investment in infrastructure and talent. However, both countries face challenges including regulatory frameworks, education systems, and ensuring data governance standards. Despite ADGM trailing behind Dubai International Financial Centre in absolute scale, its growth trajectory is notable. DIFC saw a 55 per cent jump in 2024 operating profit, even as Abu Dhabi recorded 32 per cent growth in firm registrations. Abu Dhabi's strategic focus on regulation, legal clarity, and sovereign-backed projects seem to be delivering results. The UAE non-oil sector's expansion remains robust, though momentum softened slightly in May, with PMI moderating to 53.3—its weakest level since September 2021. Rising demand nonetheless sustains a positive trajectory for ADGM's operations and Abu Dhabi's broader economic reform agenda. Collectively, these developments indicate a deliberate, well-funded shift by Abu Dhabi from purely petrochemical wealth to financial services and technology leadership. The interplay between sovereign wealth deployment, modern legal frameworks, digital innovation and ambitious projects like Stargate suggest Abu Dhabi is positioning itself as a serious global competitor for capital, tech investment and talent.
Arabian Post
an hour ago
- Arabian Post
Dubai's Skyline Set to Soar with TwinLuxury Heights
Arabian Post Staff -Dubai Deyaar Development PJSC has officially launched Downtown Residences, a twin-tower residential project rising to a striking 445 metres in Dubai's golden triangle where Sheikh Zayed Road meets Downtown Dubai and Business Bay. The development will house 522 units across one- to three-bedroom apartments, duplexes, penthouses and an exclusive Royal Palace perched at the summit, marking a new milestone in vertical luxury living. Dubai is amid a surge of super‑tall skyscraper projects. Alongside Deyaar's venture, Burj Azizi is planned to reach approximately 725 metres, while Burj Binghatti Jacob & Co is projected at around 557 metres. Downtown Residences, with more than 110 floors, will rank among the tallest residential towers in the emirate and is set for delivery in the fourth quarter of 2030. ADVERTISEMENT Deyaar's chief executive, Saeed Mohammed Al Qatami, described the project as a transformation of urban living, combining comfort, style and advanced amenities. He emphasised its potential to attract both residents and investors while enhancing the Dubai skyline. The company signals that the project is part of its strategy, expanding its 2025 pipeline beyond an earlier target of AED 8 billion through new launches. Drawing inspiration from Maslow's Hierarchy of Needs, the design concept organises the residential experience into five vertical zones, each catering to a different level of wellbeing and lifestyle aspiration. The lower zone—Dynamic Avenue—will include family areas such as children's creative spaces, playrooms, and communal lounges, fostering social connection. The Sensory Oasis, positioned midway, will offer floating gardens, air yoga zones, AI-powered meditation pods and an 'invisible spa' combined with fitness amenities. At roughly 100 floors high, Summit Society will provide private dining venues, exclusive lounges, and a screening room. The Residents' Club will include AI-enhanced workspaces, executive pods and networking hubs, while the Sky Pinnacle 360 zone culminating in the Sky Mansion and Royal Palace will represent the architectural pinnacle. Architecture highlights include a dramatic central slit, vertical gardens woven through the structure, and podium-level urban oases. Outdoor terraces and community spaces such as The Collective and Serenity Haven aim to blend urban energy with serenity. Panoramic views of the Burj Khalifa, Arabian Gulf and Sheikh Zayed Road will feature prominently, underscoring the building's centrality and visual impact. The site is also adjacent to the Business Bay metro station, emphasising convenience and connectivity. In context, Downtown Residences forms part of a robust real estate market supported by government initiatives such as long‑term residency schemes and golden visa programmes, along with strong investor interest. Last year, Dubai recorded AED 761 billion in real estate deals, a 20 percent year-over-year increase, while unit prices rose nearly 19 percent. However, recent analysis from Fitch warns of a potential 15 percent price correction in the face of increasing supply as new units deliver in 2025 and 2026. ADVERTISEMENT Within the current landscape, several super‑tall residential towers are either in planning or under construction. For instance, the 557‑metre Burj Binghatti Jacob & Co is expected to top out in 2027. Meanwhile, the 725‑metre Burj Azizi and a host of other vertical developments are progressing. Downtown Residences will complement these, contributing to a vertical growth strategy that increasingly defines Dubai's urban identity. Deyaar, with a 23‑year history in the UAE real estate sector, has previously completed numerous projects across Business Bay and downtown districts. The developer anticipates concluding the current series of launches with AED 4 billion in sales for 2025. Compared with the tallest completed residential towers in Dubai, such as Marina 101 and Princess Tower, Downtown Residences will exceed these heights, adding further prestige to the skyline. In the under‑construction category, towers like Bayz 101 and Six Senses are among peers. Dubbed a 'vertical residential community', Downtown Residences aims to offer more than luxury living; it's intended as a lifestyle destination combining wellness, exclusivity and high‑end design. By aligning with evolving buyer preferences—especially among high‑net‑worth and remote‑worker demographics—the development emphasises contextually relevant amenities, location and architectural prominence. As Dubai positions itself at the forefront of global luxury real estate, Deyaar's Downtown Residences emerges as a test case in balancing scale, innovation and market demand. With units reportedly starting from AED 1.8 million, early indicators suggest strong investor interest in the lower‑priced tiers. Simultaneously, the Royal Palace and sky‑level offerings reflect ambitions to cater to ultra‑luxury buyers. Deyaar's vision, articulated by both Al Qatami and Patrick Bernard Rouse, frames Downtown Residences as more than just a building—it is a calibrated response to hierarchical human needs and emerging market dynamics. By integrating connectivity, wellbeing, community and status across vertical zones, the concept attempts to redefine high‑rise living.
