Abu Dhabi – Mubasher: Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) recorded net profits attributable to the owners valued at AED 1.17 billion in the first half (H1) of 2024.

The generated net profits were higher by 7.70% year-on-year (YoY) than AED 1.08 billion, according to the interim consolidated financial results.

Revenues increased by 8.70% to AED 17.53 billion in H1-24 from AED 16.13 billion in H1-23, while the basic and diluted earnings per share (EPS) climbed to AED 0.09 from AED 0.08.

Total assets stood at AED 19.03 billion as of 30 June 2024, higher than AED 18.89 billion as of 31 December 2023.

Income Results for Q2-24

In the second quarter (Q2) of 2024, the net profits surged by 12.90% YoY to AED 622.84 million from AED 551.48 million, while the revenues grew by 8% YoY to AED 8.78 billion from AED 8.13 billion.

Basic and diluted EPS amounted to AED 0.05 in Q2-24, versus AED 0.04 in April-June 2023.

Quarterly, the Q2-24 profits increased by 13.30% from AED 550 million in Q1-24, while the revenues edged up by 0.40% from AED 8.75 billion.  

Bader Saeed Al Lamki, CEO of ADNOC Distribution, said: “In H1-24, the company’s free cash flow stood at $488 million, representing 46.70% YoY growth, while maintaining a robust balance sheet with a net debt-to-EBITDA ratio of 0.53x as of 30 June 2024.”

“The H1-24 dividend of $350 million is expected to be distributed to shareholders in October 2024, subject to the discretion of the Board of Directors,” Al Lamki continued.

He noted: “This is in line with the company’s approved five-year dividend policy that sets an annual dividend of $700 million (20.57 fils per share), or a minimum 75% of net profit, whichever is higher.”