Latest news with #AED184
Zawya
24-02-2025
- Business
- Zawya
Spring Valley to establish agro-commodity hub at Jafza, driving regional food security
Spring Valley, a home-grown agro-commodity supplier, is investing AED184 million to develop a new distribution hub at Jebel Ali Free Zone (Jafza), supporting regional food security. Spanning more than 106,000 sq. ft, the facility will feature advanced processing and storage capabilities, including consumer packaging, roasting and grinding operations. The first phase will be completed within two years, with the hub expected to process more than 65,000 metric tonnes of staple food ingredients -- such as pulses, spices and nuts – generating over AED440 million in annual turnover once fully operational. Abdulla Al Hashmi, COO, Parks & Zones, DP World GCC, said, 'We are pleased to welcome Spring Valley to Jafza. With 80% of the region's food supply being imported and global demand set to soar for two billion more people by 2050, ensuring food security is more critical than ever. Dubai plays a vital role as a hub for the UAE's food trade, handling 75% of the nation's food and beverage imports. Jafza's dedicated F&B terminal, advanced logistics network, and vibrant business community continue to drive innovation, and we're committed to investing in solutions to secure the future of the global food supply.' The global agricultural commodity market is projected to grow from $220 billion in 2024 to $277 billion in 2028, driven by rising demand for healthier diets and a growing global population. Toms Mathew, Executive Director, Spring Valley Food Industries, said, 'As a home-grown brand, this new hub in Jafza strengthens our role in regional food security. Our strategic location next to a world-class port ensures efficient logistics, enhancing the UAE's position as a leading hub for essential food.' The facility will operate with 100% sustainable and carbon-neutral processing, featuring a solar power plant in line with Dubai's renewable energy goals. It will also adhere to the highest international food safety standards, with HACCP and BRCGS certifications. Jafza, a key driver of the UAE's food trade, continues to see robust growth, hosting over 770 F&B businesses operating within the zone, up 14% year-on-year. In 2023, its F&B sector facilitated trade worth AED23.2 billion, representing 26% of Dubai's total F&B trade value.
Trade Arabia
24-02-2025
- Business
- Trade Arabia
Spring Valley to set up agro-commodity hub in Jafza
Spring Valley, a home-grown agro-commodity supplier, is investing AED184 million ($50.1 million) to develop a new distribution hub at Jebel Ali Free Zone (Jafza), supporting regional food security. Spanning more than 106,000 sq ft, the facility will feature advanced processing and storage capabilities, including consumer packaging, roasting and grinding operations. The first phase will be completed within two years, with the hub expected to process more than 65,000 metric tonnes of staple food ingredients -- such as pulses, spices and nuts – generating over AED440 million in annual turnover once fully operational, said a statement. Abdulla Al Hashmi, COO, Parks & Zones, DP World GCC, said: 'We are pleased to welcome Spring Valley to Jafza. With 80% of the region's food supply being imported and global demand set to soar for two billion more people by 2050, ensuring food security is more critical than ever. Dubai plays a vital role as a hub for the UAE's food trade, handling 75% of the nation's food and beverage imports. Jafza's dedicated F&B terminal, advanced logistics network, and vibrant business community continue to drive innovation, and we're committed to investing in solutions to secure the future of the global food supply.' The global agricultural commodity market is projected to grow from $220 billion in 2024 to $277 billion in 2028, driven by rising demand for healthier diets and a growing global population. Toms Mathew, Executive Director, Spring Valley Food Industries, said: 'As a home-grown brand, this new hub in Jafza strengthens our role in regional food security. Our strategic location next to a world-class port ensures efficient logistics, enhancing the UAE's position as a leading hub for essential food.' The facility will operate with 100% sustainable and carbon-neutral processing, featuring a solar power plant in line with Dubai's renewable energy goals. It will also adhere to the highest international food safety standards, with HACCP and BRCGS certifications, it said.
Hi Dubai
24-02-2025
- Business
- Hi Dubai
Spring Valley Invests AED184 Million in Jafza Distribution Hub to Bolster Food Security
Spring Valley, a UAE-based agro-commodity supplier, is investing AED184 million to establish a state-of-the-art distribution hub at Jebel Ali Free Zone (Jafza). The facility, spanning over 106,000 square feet, will enhance food processing and storage capabilities, supporting regional food security efforts. The hub will feature advanced processing operations, including consumer packaging, roasting, and grinding. Its first phase is set for completion within two years, with full operations expected to process over 65,000 metric tonnes of staple food ingredients—such as pulses, spices, and nuts—generating an estimated AED440 million in annual turnover. Abdulla Al Hashmi, COO, Parks & Zones, DP World GCC, highlighted Dubai's pivotal role in the region's food trade, managing 75% of the UAE's food imports. 'With 80% of the region's food supply being imported and global demand expected to surge for two billion more people by 2050, food security is more critical than ever. Jafza's dedicated F&B terminal and advanced logistics network continue to drive innovation in securing the global food supply,' he said. The global agricultural commodity market is projected to grow from $220 billion in 2024 to $277 billion in 2028, driven by the increasing demand for healthier diets and a growing global population. Toms Mathew, Executive Director of Spring Valley Food Industries, emphasized the hub's strategic significance. 'Our location next to a world-class port ensures efficient logistics, strengthening the UAE's position as a regional food hub,' he noted. Committed to sustainability, the facility will operate with 100% carbon-neutral processing and feature a solar power plant in line with Dubai's renewable energy goals. It will also adhere to stringent international food safety standards, including HACCP and BRCGS certifications. Jafza remains a key player in the UAE's food trade sector, hosting over 770 F&B businesses—up 14% year-on-year. In 2023, its F&B sector facilitated trade worth AED23.2 billion, accounting for 26% of Dubai's total F&B trade value. News Source: Emirates News Agency
ARN News Center
12-02-2025
- Business
- ARN News Center
ADNOC Distribution reports record financial results for 2024
ADNOC Distribution has 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 per cent year-on-year. Underlying EBITDA, excluding inventory gains and one-off items, reached $989 million (AED3.63 billion), an increase of 11.4 per cent year-on-year. The 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 per cent for 2024, the highest since its initial public offering. Net profit, excluding the impact of the UAE corporate income tax which came into effect in 2024, would have grown by 2.4 per cent year-on-year to $725 million (AED2.66 billion), highlighting ADNOC Distribution's strong fundamentals. Reported net profit decreased 7.0 per cent 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. The 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. ADNOC Distribution delivered record total fuel volumes of 15.0 billion litres in 2024, marking a year-on-year increase of 8.7 per cent, 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 per cent year-on-year to 11.9 billion 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.
Dubai Eye
11-02-2025
- Business
- Dubai Eye
ADNOC Distribution reports record financial results for 2024
ADNOC Distribution has 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 per cent year-on-year. Underlying EBITDA, excluding inventory gains and one-off items, reached $989 million (AED3.63 billion), an increase of 11.4 per cent year-on-year. The 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 per cent for 2024, the highest since its initial public offering. Net profit, excluding the impact of the UAE corporate income tax which came into effect in 2024, would have grown by 2.4 per cent year-on-year to $725 million (AED2.66 billion), highlighting ADNOC Distribution's strong fundamentals. Reported net profit decreased 7.0 per cent 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. The 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. ADNOC Distribution delivered record total fuel volumes of 15.0 billion litres in 2024, marking a year-on-year increase of 8.7 per cent, 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 per cent year-on-year to 11.9 billion 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.
