Abu Dhabi – Mubasher: The net profits of Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) increased by 9.7% to AED 2.432 billion in 2020, compared to AED 2.153 billion in 2019.
The company's revenues recorded AED 16.132 billion last year, down 24.4% from AED 21.337 billion in 2019, according to the company's consolidated financial results for 2020.
The company's earnings before interest, tax, depreciation, and amortisation (EBITDA) rose by 12.3% to AED 3.189 billion in 2020 from AED 2.839 billion during the previous year.
At the same time, the earnings per share (EPS) settled at AED 0.195 in 2020, against AED 0.177 in 2019.
During the fourth quarter (Q4) of 2020, the company's net profits jumped by 71.5% to AED 851 million, compared to AED 496 million during the corresponding period of 2019.
Meanwhile, the company's board proposed a cash dividend distribution of AED 1.285 billion or 10.285 fils per share for the second half (H2) of 2020.
Hence, the total dividend for 2020 is forecast to reach AED 2.57 billion or 20.57 fils per share, up 7.5% compared to the 2019 dividends.
In addition, the board recommended changes in the dividend policy to register a minimum of AED 2.57 billion ($700 million) for 2022.
The Acting CEO of ADNOC Distribution, Ahmed Al Shamsi, said: "ADNOC Distribution is well placed to continue building on recent success, in the UAE and beyond, in the year ahead and remains on track to reach EBITDA target of at least USD 1.0 billion by 2023."
It is noteworthy to mention that during the third quarter (Q3) of 2020, the company's net profits increased by 22.3% to AED 671 million from AED 549 million in the corresponding period of 2019.
