ADNOC Distribution reported a net profit of $170 million

According to Amac News: The ADNOC report states that the company saw a 15.0% year-on-year increase in EBITDA to $267 million in the second quarter of 2024 and a 12.9% year-on-year increase in net profit to $170 million.
The net profit of this company will reach 187 million dollars with an increase of 24.5% per year.
The company's non-fuel retail gross profit has reached $56 million in the second quarter of 2024 with an increase of 13.5% year-on-year.
The company generated strong free cash flow of $330 million in Q2 2024, a 7x increase from Q2 2023.
In the first half of 2024, the company's free cash flow reached $488 million, representing 46.7% year-over-year growth, while maintaining a strong balance sheet with a net debt-to-EBITDA ratio of 0.53x as of June 30, 2024.
A dividend of $350 million for the first half of 2024 is expected to be distributed to shareholders in October 2024, subject to the discretion of the board of directors.
This is in line with the company's approved five-year dividend policy, which sets an annual dividend of $700 million ($20.57 per share) or at least 75% of net profit, whichever is greater.
The company added 10 new service stations in the first half of 2024, bringing the total to 847 in the UAE, Saudi Arabia and Egypt, steadily moving towards its goal of adding 15 to 20 stations during 2024.
In the first half of 2024, the company also continued to expand its EV charging network. The company has made significant progress towards achieving a key operational milestone by opening a pioneering mobility center in Masdar City and doubling its network of fast and ultra-fast charging points to over 100 by the end of 2023.