ADNOC Distribution reported its highest-ever EBITDA of $1.05 billion in 2024, marking a 4.8% year-on-year increase. The underlying EBITDA, excluding inventory gains and one-off items, rose by 11.4% to $989 million.

This performance was driven by robust fuel volumes, significant non-fuel retail growth, and increased contributions from international operations in Saudi Arabia and Egypt, said ADNOC Distribution.

The company also reported a record Return On Capital Employed of 28.8%, the highest since its initial public offering. Net profit, excluding the impact of the UAE corporate income tax, would have grown by 2.4% year-on-year to $725 million, although reported net profit decreased by 7.0% year-on-year.

ADNOC Distribution has reduced operational costs, achieving $18 million in like-for-like OPEX savings in 2024, progressing towards its goal of $50 million in savings by 2028.

“ADNOC Distribution’s strong performance in 2024 underscores our strategic focus on delivering value for both our customers and shareholders. By driving operational efficiency, embracing digital transformation, and expanding our market presence, we are well-positioned to achieve the ambitious goals of our five-year strategy,” said Bader Saeed Al Lamki, CEO of ADNOC Distribution.

“Looking ahead, we are confident in sustaining robust growth and unlocking new opportunities both domestically and internationally,” he added.

The company delivered record total fuel volumes of 15.0 billion liters, a year-on-year increase of 8.7%, driven by higher mobility and expanded international operations.

ADNOC Distribution expanded its retail network by adding 59 new service stations, including 30 in Saudi Arabia, bringing the total network to 896 stations. The company plans to add 30 to 40 new stations in Saudi Arabia in 2025.

In its non-fuel retail segment, the company saw a 12.5% increase in gross profit compared to last year, driven by more non-fuel sales, upgrading convenience stores, and expanding car wash and lube change services.

ADNOC Distribution also expanded its EV charging network, installing 220 charging points in 2024, exceeding its guidance of 150-200 points and advancing its goal of deploying over 500 charging points by 2028.

The company invested in advanced digital technologies, integrating AI-driven tools to optimize fuel delivery, enhance customer insights, and improve operational efficiency.

The Board of Directors decided a cash dividend of $350 million for the second half of 2024, expected to be paid in April 2025, subject to shareholders’ approval. This dividend aligns with the company’s 2024-2028 policy to distribute an annual dividend of $700 million or at least 75% of net profit, whichever is higher.