ADNOC Distribution achieved a profit of 1.53 billion dirhams during the first half of this year, before deducting interest, tax, depreciation and amortization, to reach a net profit of 1.15 billion dirhams.< /p>
Profits during the second quarter of this year before interest, tax, depreciation and amortization amounted to 712 million dirhams, bringing the net profit during the second quarter to 521 million dirhams, according to the financial results. For the first half of 2021, which the company announced today, Tuesday.
These strong results were driven by higher volumes of fuel sold, improved gross profit margins for the non-fuel commercial and retail business, and increased operational efficiencies during the first half of 2021.
The company also witnessed a gradual recovery in the quantities of fuel sold to approach pre-pandemic levels (Covid-19), which is an indication of improving customer morale following the vaccination campaign that It included all regions of the UAE.
In addition, the company recorded an increase in the quantities of fuel sold at its stations in the Emirate of Dubai, in addition to the proactive marketing strategy that it has implemented in the corporate business sector.
On the operational side, and within the qualitative leap of modernization and development implemented by ADNOC Distribution, the company affirmed its commitment to continue working to reduce operating expenses and enhance its competitiveness in the fuel and retail sector in the country. UAE. During the first half of 2021, the company's operating expenses were reduced by 10% compared to the first half of 2020.
The company confirmed its continuation of its dividend policy for the year 2021 by distributing cash dividends of 2.57 billion dirhams. The company is expected to distribute a dividend for the first half of 2021 at (10.285 fils per share) in October of this year, subject to the approval of the Board of Directors.
The company had announced, during its general assembly, which was held in mid-March, to amend the dividend policy for 2022, specifying dividends of no less than 2.57 billion dirhams for the year 2022 (compared to a minimum of 75% of distributable profits according to the previous policy), which will give shareholders clear and rewarding returns until April 2023.
