Abu Dhabi – Mubasher: Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) achieved a year-on-year (YoY) increase in net profits to AED 2.74 billion during 2022 from AED 2.25 billion.
The basic and diluted earnings per share (EPS) went up to AED 0.22 in 2022, compared with AED 0.18 in 2021, according to the annual financial results.
The revenues also surged by 53.50% to AED 32.11 billion last year from AED 20.92 billion in 2021. Furthermore, the total assets of ADNOC Distribution leaped to AED 16.01 billion, compared to AED 13.77 billion.
Income Statements for Q4-22
The company witnessed a plunge of 26.60% YoY in net profits during the fourth quarter (Q4) of 2022 to AED 419 million, compared to AED 571 million.
The EPS also plummeted to AED 0.03 in Q4-22 from AED 0.05 in Q4-21.
The revenues grew by 31.60% on an annual basis to AED 8.18 billion in Q4-22 from AED 6.22 billion.
On a quarterly basis, the Q4-22 net profits were 45.30% lower than AED 767 million in Q3-22, while the revenues declined by 4.30% from AED 8.55 billion.
Dividends for H2-22
The board of ADNOC Distribution agreed, on 8 February 2023, to disburse cash dividends worth AED 1.28 billion for the second half( H2) of 2022.
The dividends, which will stand at 10.28 fils per share, are still subject to the approval of the annual general meeting.
It is worth noting that the company previously approved the same interim cash dividends value of AED 1.28 billion, amounting to $350 million, for H1-22.
Deputy Chairman Elected
The board members also gave a nod for appointing Ahmed Jasim Al Zaabi as the Vice Chairman of ADNOC Distribution.
During the first nine months (9M) of 2022, the ADX-listed firm registered an annual increase of 39% in net profit to AED 2.32 billion, compared with AED 1.68 billion.
The revenues soared to AED 23.92 billion in 9M-22 from AED 14.69 billion in 9M-21.
