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ADNOC Distribution reports fuel volumes

news agency wam , 2 Nov 2024 - 12:48

ADNOC Distribution announced its financial results for the third quarter and first nine months of 2024 in a report.


According to Amac News: The company announced that it recorded the highest nine-month EBITDA in its history with the amount of 790 million dollars (equivalent to 2.90 billion dirhams).
The announcement adds that its underlying EBITDA was 721 million dollars (equivalent to 2.65 billion dirhams), which represents a growth of 5.9% and 11.6% respectively compared to last year.
According to ADNOC Distribution, in the first nine months of 2024, the company's free cash flow reached $537 million (1.97 billion dirhams), while it had a strong balance sheet with a net debt-to-EBITDA ratio of 0.56x as of September 30, 2024.
This strong financial position is said to position the company for future growth and an attractive distribution to shareholders. These gains can be attributed to strong retail and commercial performance, including a nine-month high fuel volume, strong non-fuel retail (NFR) contributions and cost efficiency improvements.
EBITDA growth and strong free cash flow generation, also with material savings similar to OPEX of $13 million (AED 48 million) during the first nine months of 2024, puts the company on track to achieve $50 million (AED 184 million) in OPEX. has given
To continue unlocking shareholder value, the company is pursuing artificial intelligence, advanced digital technologies and innovation-driven growth across our entire value chain, delivering significant OPEX savings and industry-leading customer experience improvements.
A dividend of $350 million (1.285 billion dirhams) for the first quarter of 2024 was distributed in October, which is in line with the approved five-year policy.
ADNOC Distribution said the dividend for the second half of 2024 will be paid in April 2025, subject to board discretion and shareholder approval.
Also, in the first nine months of 2024, ADNOC's distribution exceeded 11 billion liters of total fuel volume, which represents an increase of 9.2% year-on-year.
Non-fuel retail transactions also grew by 9.4% in this period compared to the same period last year, which was 10.3% in the third quarter alone.
The convenience store conversion rate for the nine-month period reached 25.5 percent — the highest rate for this period in the past five years — including 25.9 percent in the third quarter of 2024.
Key growth initiatives have included expanding premium food and beverage offerings, enhancing car services, and optimizing real estate to strengthen the company's position.


Story Code: 1977

News Link :
https://www.amacnews.com/en/news/1977/adnoc-distribution-reports-fuel-volumes

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