Latest news with #Dhs66
Gulf Today
13-05-2025
- Business
- Gulf Today
Dubai court obliges real estate firm to return Dhs1.267m to plot purchasers
Dubai Real Estate Court ordered a real estate development company to refund Dhs1,267,000 to two buyers, whom the company had sold a plot of land to build a residential villa but the company failed to deliver the land. The court also rejected the inclusion of a second company in the case, as it provided evidence of returning the amount it had received from the buyers. According to the case documents, the plaintiffs signed a land sale contract to build a residential villa, purchasing a plot from the appellee company for a total of Dhs1,334,000 and on the same date, the second appellee company signed a civil works management services contract with the plaintiffs, committing to construct a villa on the plot. Payments were agreed to be made in three installments and the first company received Dhs1,467,000 from the plaintiffs, including Dhs1,334,000 for the land and Dhs133,000 as the first installment for construction costs. The first company allegedly failed to deliver the land to the plaintiffs and both companies signed a termination agreement for the sale contract and the services management contract, with the first company pledging to refund the amount received from the plaintiffs, but it did not fulfill this obligation. The court noted that the first company did not provide evidence of clearing its debt or returning the amount received, having transferred only Dhs66,000, and thus, it still owes Dhs1,267,000. The court also rejected the inclusion of the second company in the case, as it provided proof of returning the amount it had received from the plaintiffs. Dr Alaa Nasr, the legal representative of the plaintiffs, stated that Article 246 of the Civil Transactions Law obligates contracting parties to fulfill the terms of the contract, and the contractor must execute the contract as agreed.
Gulf Today
11-02-2025
- Business
- Gulf Today
Adnoc Distribution reports record Ebitda of Dhs3.86 billion for 2024
Adnoc Distribution on Tuesday announced its financial results for 2024, achieving its highest-ever Earnings Before Interest, Taxes, Depreciation, and Amortisation (Ebitda) of $1.05 billion (Dhs3.86 billion), an increase of 4.8 per cent year-on-year. Underlying Ebitda, excluding inventory gains and one-off items, reached $989 million (Dhs3.63 billion), an increase of 11.4 per cent 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 per cent 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 per cent year-on-year to $725 million (Dhs2.66 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 (Dhs66 million) in like-for-like OPEX savings in 2024. These savings mark significant progress towards achieving the company's objective of $50 million (Dhs184 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 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 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 (Dhs1.285 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. Meanwhile Adnoc Gas and its subsidiaries announced record earnings for the full year (FY) 2024 of $5 billion and its highest quarterly income of $1.38 billion since its IPO. Fatema Al Nuaimi, Chief Executive Officer of Adnoc Gas, said, 'Our record-breaking fourth quarter results demonstrate our ability to deliver on our ambitious growth strategy as we seek to realise Ebitda growth of over 40 per cent by 2029. 'Adnoc Gas' evolution into one of the highest income generating companies listed in the UAE, which is a testament to our commitment to create long-term and sustainable value for our shareholders, as we invest in growth projects to meet the growing demand for lower carbon Domestic Gas, LPG and LNG, both locally and globally as key fuels in the energy transformation.' For the full-year period, adjusted net income increased by 13 per cent year-on-year to $5 billion. The company's strong performance was underpinned by robust demand for domestic gas, which supported volume growth and improved pricing. Total sales volumes in FY 2024 increased by 2 per cent to 3,616 million MMBTU. This increase in volume was enabled by a 13 per cent increase in the Adnoc LNG (ALNG) joint venture contribution. Adjusted revenues increased by 7 per cent YoY in FY 2024 to $24.43 billion, driven by a 2 per cent increase in sales volume and improved pricing. The company's strong top line performance for 2024 translated into a strong Ebitda growth of 14 per cent to $8.65 billion with a high, stable margin of 35 per cent.
