Adnoc Distribution, the UAE's largest fuel retailer, reported a 2.1 per cent increase in second-quarter net income as revenue climbed, supported by higher fuel volumes and cost efficiencies.
Net profit for the three months to the end of June rose to Dh521 million ($141.96m), the company said in a statement to Abu Dhabi Securities Exchange, where its shares are traded.
Second-quarter revenue rose by 66.4 per cent annually to Dh5 billion ($1.36bn), compared with Dh3bn last year.
"These results reflect our focused drive towards delivering on our strategy and sustained progress in all of our strategic pillars: fuel, non-fuel and cost efficiency," said Bader Al Lamki, chief executive of Adnoc Distribution.
"We continue to make disciplined capital investments, achieving cost savings while growing our service station network and maintaining high levels of safety, quality and customer experience."
Fuel volumes made a "progressive recovery" towards their pre-Covid levels as consumer sentiment improved after a successful vaccination drive in the UAE.
The company also managed to lower its operating costs, which fell by 10 per cent in the first half of the year, compared with the same period last year.
The company will pay a dividend of Dh2.57bn in 2021, with the payment for the first half – of 10.285 fils per share – set for distribution in October, pending board approval.
In March, Adnoc Distribution's shareholders approved a proposal to raise the dividend for 2020 by 7.5 per cent and maintain a similar payout for the next two years.
The company set a minimum dividend payout of Dh2.57bn for 2022, compared with 75 per cent of distributable profit as per the previous policy.
In May, Adnoc said it had successfully raised $1.64bn through the sale of new shares and issuance of exchangeable bonds in Adnoc Distribution.
The company offered 375 million shares, equal to 3 per cent of its share capital and a three-year unsecured bond that could be exchanged for a further 7 per cent of shares, subject to certain conditions.
The placement of additional shares will leave the Adnoc Group with a 70 per cent interest in its fuel distribution arm.
Adnoc Distribution opened 12 new fuel retail stations in the UAE in the first half of the year. The company also obtained no-objection certificates from the Saudi General Authority for Competition to acquire 35 new stations in the kingdom.
The acquisition of the stations in Saudi Arabia was announced in December and in February.
In the UAE, the company also refurbished 24 of its Adnoc Oasis convenience stores in the first half of the year.
The fuel retailer also joined the MSCI Emerging Markets index on May 27. Adnoc Distribution joins nine other UAE-listed companies that are part of the index, which is tracked by funds with assets worth billions of dollars.
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OPTA'S PREDICTED TABLE
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4. Chelsea 63
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Thursday (All UAE kick-off times)
Sevilla v Real Betis (midnight)
Friday
Granada v Real Betis (9.30pm)
Valencia v Levante (midnight)
Saturday
Espanyol v Alaves (4pm)
Celta Vigo v Villarreal (7pm)
Leganes v Real Valladolid (9.30pm)
Mallorca v Barcelona (midnight)
Sunday
Atletic Bilbao v Atletico Madrid (4pm)
Real Madrid v Eibar (9.30pm)
Real Sociedad v Osasuna (midnight)
Read more from Kareem Shaheen
If you go
The flights Etihad (www.etihad.com) and Spice Jet (www.spicejet.com) fly direct from Abu Dhabi and Dubai to Pune respectively from Dh1,000 return including taxes. Pune airport is 90 minutes away by road.
The hotels A stay at Atmantan Wellness Resort (www.atmantan.com) costs from Rs24,000 (Dh1,235) per night, including taxes, consultations, meals and a treatment package.
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Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
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9.15am: private visit to undisclosed cathedral
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12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport