Abu Dhabi – Mubasher: Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) recorded a 4.2% rise in net profits to AED 2.218 billion in 2019 from AED 2.128 billion in 2018, the company disclosed in its consolidated financial statements for 2019.

ADNOC Distribution’s revenues dropped by 6.8% to AED 21.337 billion in 2019 from AED 22.893 billion in 2018.

Meanwhile, the company’s earnings before interest, tax, depreciation, and amortisation (EBITDA) reached AED 2.839 billion in 2019, up 2.3% from AED 2.774 billion in the prior year.

The earnings per share (EPS) settled at AED 0.177 in 2019, compared to AED 0.170 a year ago.

During the fourth quarter of 2019, the net profits of the UAE’s largest fuel and convenience retailer jumped by 11.3% to AED 496 million, compared to AED 446 million in the same quarter of 2018.

Cash Dividends Distribution for H2, FY19

The company’s board proposed cash dividends of AED 2.39 billion or 19.10 fils per share for FY19, subject to the shareholders’ meeting on 31 March 2020.

Furthermore, ADNOC Distribution recommended a cash dividend of AED 1.194 billion, equivalent to 9.55 fils per share, for the second half of 2019.

Commenting on the company’s growth during 2019, ADNOC Distribution’s acting CEO, Ahmed Al Shamsi, said: “As we sharpen our focus on customer experience and pursue growth opportunities, both domestically and internationally, we will expand all our distribution channels to reach larger market segments and sustain volume growth. Finally, OPEX reduction and optimization of CAPEX also remain key priorities.”

It is noteworthy to mention that during the third quarter of 2019, the company’s net profit saw a 1.7% drop in net profits to AED 549 million compared to the same three months of 2019.