Latest news with #Dh2.78
Khaleej Times
26-03-2025
- Automotive
- Khaleej Times
Adnoc Distribution on track to install 500 EV charging points by 2028
Adnoc Distribution, the UAE's leading fuel and convenience retailer, is targeting installation of approximately 100 additional fast and super-fast EV charging points and 40-50 new service stations across the UAE in 2025 as part of its commitment to future-proofing and building the future of mobility. In 2025, Adnoc Distribution will continue to drive towards its five-year strategic objectives, including 1,000 service stations across its network, increasing non-fuel transactions by 50 per cent, and expanding its E2GO network to 500 EV charging points across the UAE by 2028. 'Diversification and innovation are key drivers of our growth,' the retailer said in a statement. The company will also explore new ways to position its service stations as more than just functional stops, redefining them as welcoming spaces at the heart of the communities they serve. 'The company aims to double the number of properties occupied by top international and regional food and beverage brands by the end of the year, compared to the end of 2023,' the leading oil retailer said. By implementing plans to add 40-50 new service stations across its network, installing 100 EV charging points in the UAE, and accelerating growth in Saudi Arabia, Adnoc Distribution is positioned for expansion in 2025 in line with its growth strategy, the Abu Dhabi-based retailer major said. The company also announced on Wedensday that its shareholders approved $350 million (10.285 fils per share) dividend for the second half of 2024, taking total dividends for the year to 20.57 fils per share with a 6.1 per cent yield. Since its 2017 IPO, Adnoc Distribution has delivered a total shareholder return of 92 per cent, or $7.8 billion (Dh28.6 billion), through both aggregate. This year's dividend distribution of $700 million marks a 3.5 times increase from the $200 million distributed in the first year as a listed company. Dr. Sultan Ahmed Al Jaber, chairman of Adnoc Distribution, said 2024 was another record-breaking year financially for the company. 'We delivered against our five-year strategy, achieving significant milestones that strengthened our market position and set the stage for long-term success. For the second consecutive year, our Ebitda surpassed $1 billion, driven by record fuel volumes—which increased by nearly 9.0 per cent—and sustained non-fuel retail growth, which have allowed us to deliver strong shareholder returns.' In 2024, Adnoc Distribution unveiled a five-year growth strategy underpinned by commitments to domestic growth, building international platforms, and future-proofing its business. By successfully executing this strategy, the Company achieved a record Ebitda of Dh3.86 billion in 2024, a 5.0 per cent year-on-year increase driven by record fuel volumes, strong non-fuel retail growth, and higher contributions from its operations in Saudi Arabia and Egypt. The 2024 dividend reflects the company's ability to generate strong free cash flow, which totalled Dh2.78 billion in 2024. Bader Saeed Al Lamki, CEO of Adnoc Distribution, said the company is committed to leading the way for the future of mobility and convenience retail, as evidenced by its commitment to expanding international operations and prioritising high-growth areas. By 2028, Adnoc Distribution seeks to grow the number of Adnoc Oasis convenience stores by 25 per cent, increase non-fuel transactions by 50 per cent and scale directly-operated franchise stores to 50 or more locations - a strategy is expected to allow for a 2.5-fold increase in property yield compared to traditional rental agreements. The company is targeting 1,000 service stations across its network by 2028, and aims to add 40-50 in 2025, with 30-40 of these to be located in Saudi Arabia. In 2024, the company reached a milestone of 100 service stations in the Kingdom by deploying a smart Dealer-Owned, Company-Operated (DOCO) model. By 2029, Adnoc Distribution targets at least 300 stations across the kingdom, positioning the company among the top five fuel and convenience retailers in the Saudi market. The company sees planned capex of $250-300 million this year. 'Through AI-driven data analytics and personalised engagement, the company is reinforcing its commitment to digital transformation, strengthening its position as the UAE's leading multi-energy mobility retailer while expanding internationally in a disciplined manner,' the company said.
The National
11-03-2025
- Business
- The National
Abu Dhabi's ADQ to become majority shareholder in Aramex
Abu Dhabi's ADQ will become the majority shareholder in Aramex following a successful voluntary tender offer, submitted by Q Logistics Holding, an ADQ subsidiary. ADQ will hold a 58 per cent majority stake in the Middle East's largest courier company, subject to the successful completion of the deal. This includes shares owned by Abu Dhabi Ports, which is also majority-owned by the Abu Dhabi-based investment and holding company, ADQ said on Tuesday. AD Ports Group currently owns a 22.69 per cent stake in Aramex. 'As the majority shareholder in Aramex, we have plans to leverage our extensive track record of growing local companies into globally competitive market leaders for the benefit of Aramex and all its stakeholders,' said Mansour AlMulla, deputy group chief executive at ADQ. In January, ADQ offered to fully acquire Aramex in a deal valuing the company at about Dh4.39 billion ($1.2 billion). At the time of the announcement, ADQ's offer price of Dh3 per share represented a 33 per cent premium over Aramex's stock price of Dh2.31 on the Dubai Financial Market. Aramex's shares were trading 0.73 per cent higher at Dh2.78 at 10.26am UAE time on Tuesday. ADQ said that under Securities and Commodities Authority (SCA) regulations, it can still accept shares from shareholders who did not participate in the initial offer period. Shareholders must sell shares to ADQ at Dh3 per share by March 24, and that the final share acquisition numbers will be disclosed on March 28, ADQ said. The offer to gain control of Aramex is the latest in a string of deals for ADQ, which is pushing to expand its local and international portfolio of assets. With total assets worth $225 billion as of June 30, ADQ has shareholdings in more than 25 companies across sectors including energy, utilities, food and agriculture, health care, pharmaceuticals, mobility and logistics. Companies in its portfolio include Abu Dhabi National Energy Company, better known as Taqa, Emirates Nuclear Energy Corporation and Abu Dhabi National Exhibitions Company. ADQ also has a significant asset base in transport and logistics, including Abu Dhabi Ports, Etihad Airways, Abu Dhabi Airports, Etihad Rail, Wizz Air Abu Dhabi and Abu Dhabi Aviation. Last month, ADQ and Vietnam's State Capital Investment Corporation, a sovereign wealth fund, signed an initial agreement to explore investment opportunities in the South-East Asian country. The organisations will partner to assess potential co-investment opportunities that support Vietnam's economic ambitions and align with its strategic development objectives, state news agency Wam reported at the time.
