Abu Dhabi: ADNOC Distribution today announced shareholder approval of all agenda items at its Annual General Assembly Meeting (AGM), including the shareholder approval of a final cash dividend of $350 million (AED1.285 billion) for the second half of 2024 to be distributed in April 2025. This brings the total annual dividend for 2024 to $700 million (AED2.57 billion), yielding 6.1 percent, based on the 25th March 2025 closing share price of AED3.39, in line with the company's 2024-28 dividend policy of maintaining annual payouts of $700 million or a minimum of 75 percent of net profit, whichever is higher.
According to Emirates News Agency, Dr. Sultan Ahmed Al Jaber, Chairman of ADNOC Distribution, stated that 2024 was a record-breaking year financially. The company delivered on its five-year strategy, achieving significant milestones that strengthened its market position. For the second consecutive year, EBITDA surpassed $1 billion, driven by record fuel volumes, which increased by nearly 9 percent, and sustained non-fuel retail growth, enhancing shareholder returns.
In 2024, ADNOC Distribution introduced a five-year growth strategy focused on domestic growth, building international platforms, and future-proofing its business. The company achieved a record EBITDA of $1.05 billion (AED3.86 billion) in 2024, a 5 percent year-on-year increase, attributed to record fuel volumes, strong non-fuel retail growth, and contributions from operations in Saudi Arabia and Egypt.
The dividend for 2024 reflects the company's proficiency in generating free cash flow, totaling $756 million (AED2.78 billion) in 2024. Since its IPO in 2017, ADNOC Distribution has distributed a total of $4.8 billion (AED17.4 billion) in dividends and delivered 92 percent in total shareholder returns. This year's dividend distribution of $700 million marks a 3.5-fold increase from the $200 million distributed in the company's first year as a listed entity.
Bader Saeed Al Lamki, CEO of ADNOC Distribution, emphasized the company's commitment to leading the future of mobility and convenience retail. The focus remains on expanding international operations and prioritizing high-growth areas. Throughout 2025, the company will pursue its strategic objectives, including operating 1,000 service stations, increasing non-fuel transactions by 50 percent, and expanding the E2GO network to 500 EV charging points across the UAE by 2028.
In 2025, ADNOC Distribution plans to install approximately 100 additional fast and super-fast EV charging points in the UAE as part of its commitment to future-proofing and advancing mobility. During the Year of Community, the company is exploring new ways to position its service stations as community-centric spaces. It aims to double the number of properties occupied by top food and beverage brands by year-end compared to the end of 2023.
By 2028, ADNOC Distribution seeks to expand the number of ADNOC Oasis convenience stores by 25 percent, increase non-fuel transactions by 50 percent, and grow directly-operated franchise stores to 50 or more locations. This strategy is expected to yield a 2.5-fold increase in property yield compared to traditional rental agreements.
The company targets 1,000 service stations by 2028 and plans to add 40-50 stations in 2025, with 30-40 in Saudi Arabia. In 2024, ADNOC Distribution reached 100 service stations in the Kingdom using a smart Dealer-Owned, Company-Operated model. By 2029, it aims for at least 300 stations in the Kingdom, positioning itself among the top five fuel and convenience retailers in the Saudi market.
ADNOC Distribution anticipates strong growth in 2025, with planned CAPEX of $250-300 million. Through AI-driven data analytics and personalized engagement, the company is reinforcing its commitment to digital transformation, strengthening its position as the UAE's leading multi-energy mobility retailer while expanding internationally in a disciplined manner.