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UAE: Adnoc Distribution approves $200mn dividend

Adnoc Distribution’s shareholders have approved a Dh735 million ($200mn) dividend payment at the company’s annual general meeting.

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The UAE’s largest fuel and convenience retailer has approved a multi-million dividend for its shareholders following a report on Adnoc Distribution’s performance and successful listing on the Abu Dhabi Securities Exchange (ADX) in December last year.

“The IPO and recently announced fourth quarter and 2017 full year results illustrate that Adnoc Distribution is in a strong financial position, with an enhanced level of profitability, healthy margins and significant opportunities for future growth,” said Dr Sultan Ahmed Al Jaber, Adnoc Distribution board chairman.

Adnoc Distribution continues to expand its network of gas stations in the UAE while adding more convenience services to its sites. In addition to the 24 new stations completed in 2017, the company will open 13 more this year as well as converting 10 existing sites to the Géant convenience store brand after an agreement with Urban Foods, a French retailing expert.

Last Month, Adnoc Distribution’s Acting CEO, Saeed Mubarak Al Rashdi, outlined how they are “determined to improve our convenience store offering as we transform into a more customer-centric company.”

On top of improved convenience services, they have launched Adnoc Flex, a new approach to fuelling where customers have the choice of where and how they want to refuel.

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