Investor Overview

ADNOC Distribution offers investors a unique value proposition with a resilient business model with high margins, Smart Growth Strategy and an attractive dividend policy.

Investor Overview

Company Overview

ADNOC Distribution is the leading fuel distributor and convenience store operator in the UAE. ADNOC Distribution operates 502 retails fuel stations, 362 convenience stores in the UAE (as of 31 December 2022) and is the leading marketer and distributor of fuels to commercial, industrial and government customers throughout the UAE. It also provides aviation fuel, refueling, and related aviation services.

ADNOC Distribution operates across the seven emirates of the UAE, and in 2018 expanded its retail operations internationally to the Kingdom of Saudi Arabia where is operates 66 retail fuel stations as of 31 December 2022.

ADNOC Distribution Unique Value Proposition

Attractive Shareholder Returns

• An attractive and visible dividend policy*, supported by strong and visible cashflow profile and balance sheet
• Dividend track record since IPO.
• Significant share liquidity after Free float increased to 23%. MSCI EM Index and FTSE EM Index inclusion (2021).
• ADNOC a supportive and committed majority shareholder.

Cash Flow Visibility and Strong Balance Sheet

• Leading fuel retail player in an attractive UAE market and robust regulatory framework and margin backstop.
• Demonstrable solid business performance with predictable fuel margins (including 5-year supply contract with ADNOC with backstop guarantee) and limited exposure to oil price volatility
• Strong balance sheet with ample liquidity to pursue growth opportunities

ADNOC Distribution Share Ownership Structure*

Smart Growth

• A focused, deliverable EBITDA profile of min.  USD 1bn by 2023 through a combination of organic and inorganic opportunities
• Management priority: accelerate sustainable and profitable growth through efficient capital allocation.
• Business futureproofing: unlock new revenue streams and pursue sustainability goals.
• Accelerated digital strategy to unlock additional retail value and customer loyalty.
• Unlock hidden value through OPEX initiatives (Targeted additional OPEX savings in excess of USD 25m in 2023).



Key Financials

USD 923 million

2022 Free cash flow

USD 700 million

2022 Full-year dividend

USD 958 million

2022 EBITDA

0.78x

Net debt to EBITDA at end of 2022

USD 8,742 million

2022 Revenue

USD 748 million

2022 Net Profit

CEO Message

“The company has demonstrated robust financial and operational performance throughout 2022. We have sustained our growth trajectory while generating strong cash flow and maintaining a solid financial position."

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Attractive Shareholder Returns

• An attractive and visible dividend policy*, supported by strong and visible cashflow profile and balance sheet
• Dividend track record since IPO.
• Significant share liquidity after Free float increased to 23%. MSCI EM Index and FTSE EM Index inclusion (2021).
• ADNOC a supportive and committed majority shareholder.

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