ADNOC Distribution, the leading fuel distribution and retail company in the UAE, announced its exceptional financial results for the first quarter of 2024, showing a tremendous growth in EBITDA of 18% to reach $248 million.

These strong results are a testament to the effective implementation of the company's new five-year strategy, which focuses on domestic growth, international expansion and enhanced innovation.

The fuel and non-fuel retail sectors witnessed continued growth during the first quarter. The quantities of fuel sold increased by 17%, while non-fuel retail transactions increased by 7%.

This strong growth is due to the increasing demand for ADNOC Distribution’s products and services, in addition to expanding its business into new markets.

Artificial intelligence technologies play an important role in enhancing the company’s operational efficiency. ADNOC Distribution employs an intelligent system to forecast fuel demand with great accuracy. This reduced fuel stock imbalances and improved delivery timing efficiency.

This system helped reduce overall carbon emissions from fuel distribution trucks by 10%.

ADNOC Distribution continues its commitment to keeping pace with the business of the future, through a thoughtful plan to install fast and ultra-fast charging points for electric vehicles.

The company witnessed a significant increase in the number of charging points in the first quarter of 2024, reaching 89 charging points, with plans to double this number by the end of 2024.

ADNOC Distribution is a pioneering model in the field of investment. It plans to invest between $250 and $300 million in growth projects during 2024, with 70% of these investments allocated to growth initiatives. The company has actually invested $46 million of the planned budget during the first quarter of 2024.

ADNOC Distribution shareholders approved a new dividend policy that guarantees the distribution of $700 million or 75% of net profits, whichever is higher, annually.

The results of the first quarter of 2024 confirm ADNOC Distribution’s position as a leading company in the field of fuel distribution and retail trade in the region.

These strong results are a testament to the company's smart strategy and its ability to achieve sustainable growth. These results also strengthen investors' confidence in ADNOC Distribution and confirm its commitment to achieving added value for its shareholders in the coming years.