Adnoc Distribution, the UAE's biggest fuel distributor and convenience store operator, approved the payment of a Dh735 million to shareholders on Sunday.
The dividend, approved at Adnoc Distribution’s first annual general meeting after its initial public offering in December, works out at 5.88 fils per share.
“The IPO and recently announced fourth quarter and 2017 full year results illustrate that Adnoc Distribution is in a strong financial position, with an enhanced level of profitability, healthy margins and significant opportunities for future growth,” said Dr Sultan Al Jaber, Adnoc Distribution board chairman.
“The dividend payment that has been approved today is entirely in line with the dividend policy that we announced at the time of the IPO. The targeted dividend pay-out ratio puts us near the top of major listed companies in the region.”
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Read More:
Adnoc Distribution to expand into Dubai and Saudi Arabia in 2018
Adnoc Distribution fourth-quarter profit rises 6.8% on higher oil prices
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Adnoc’s full-year 2017 net income climbed 1.3 per cent to Dh1.8bn from 2016. Revenue for the 12-month period rose 11.8 per cent to Dh19.76bn from 2016, while total assets at the end of 2017 came in at Dh12.2bn, up from Dh11.44bn in 2016. The company saw a 6.8 per cent increase in fourth-quarter profit, boosted by higher oil prices and an increase in fuel sales.
The company, which currently operates 360 service stations and 235 Oasis convenience stores in the UAE, saw total fuel volumes rise 6.5 per cent in the last three months of 2017 to 2.63bn liters compared to the same quarter of 2016.
Adnoc Distribution, which is valued at Dh31.1bn, sold 10 per cent of the company in the share float, the first listing on the Abu Dhabi bourse in more than six years. In January, the company said it will open its first service stations in Dubai and Saudi Arabia this year.
The company plans to enter Saudi Arabia through a franchise model, which will be the first of its kind for the fuel distributor. Expansion into Dubai, the only emirate where the company has no physical presence, is now feasible following changes to how fuel is priced, which were introduced across the UAE in August 2015.
As part of the expansion plans, Adnoc Distribution which holds a monopoly in Sharjah and Abu Dhabi, will roll-out at least 13 new service stations this year, and extend three of its existing facilities. John Carey, the deputy chief executive officer of Adnoc Distribution, told The National after the annual general meeting that the company would open three service stations in Dubai, more than initially planned for, and one in Saudi Arabia this year.
“We said before that we will open two sites in Dubai but we will open three and we have further expansion plans into Dubai,” he said. “We are on track and in a good position and the sites that we picked are great locations, great traffic and puts us in a strong position."
As part of its focus on profitability, Adnoc Distribution has reduced capital expenditure on a per site basis with projected capex costs for some future service stations have been reduced by as much as 40 per cent, without cutting corners on health and safety considerations, the company said.
The company also struck an agreement with Geant to re-brand and change product selection at 10 stores. It is also starting to give customers the option to pump fuel for themselves and is using technology to ease congestion at petrol stations by employing chips applied to fuel tanks that can automatically deduct payment for fuel.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Company%20profile
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Brave CF 27 fight card
Welterweight:
Abdoul Abdouraguimov (champion, FRA) v Jarrah Al Selawe (JOR)
Lightweight:
Anas Siraj Mounir (TUN) v Alex Martinez (CAN)
Welterweight:
Mzwandile Hlongwa (RSA) v Khamzat Chimaev (SWE)
Middleweight:
Tarek Suleiman (SYR) v Rustam Chsiev (RUS)
Mohammad Fakhreddine (LEB) v Christofer Silva (BRA)
Super lightweight:
Alex Nacfur (BRA) v Dwight Brooks (USA)
Bantamweight:
Jalal Al Daaja (JOR) v Tariq Ismail (CAN)
Chris Corton (PHI) v Zia Mashwani (PAK)
Featherweight:
Sulaiman (KUW) v Abdullatip (RUS)
Super lightweight:
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Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
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Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ENamara%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJune%202022%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EMohammed%20Alnamara%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%20%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EMicrofinance%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E16%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFamily%20offices%0D%3Cbr%3E%3C%2Fp%3E%0A
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
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The Florida Project
Director: Sean Baker
Starring: Bria Vinaite, Brooklynn Prince, Willem Dafoe
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COMPANY%20PROFILE%20
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COMPANY%20PROFILE
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The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
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The Pope's itinerary
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport
Abu Dhabi race card
5pm Abu Dhabi Fillies Classic Prestige | Dh110,000 | 1,400m
5.30pm Abu Dhabi Colts Classic Prestige | Dh110,000 | 1,400m
6pm Abu Dhabi Championship Listed | Dh180,000 | 1,600m
6.30pm Maiden | Dh80,000 | 1,600m
7pm Wathba Stallions Cup Handicap | Dh80,000 | 1,400m
7.30pm Handicap (TB) |Dh100,000 | 2,400m
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L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
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Mar 10: Norwich(A)
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Mar 16: Lille(A)
Mar 19: Middlesbrough(A)
Apr 2: Brentford(H)
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
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The%20Kitchen
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Coffee: black death or elixir of life?
It is among the greatest health debates of our time; splashed across newspapers with contradicting headlines - is coffee good for you or not?
Depending on what you read, it is either a cancer-causing, sleep-depriving, stomach ulcer-inducing black death or the secret to long life, cutting the chance of stroke, diabetes and cancer.
The latest research - a study of 8,412 people across the UK who each underwent an MRI heart scan - is intended to put to bed (caffeine allowing) conflicting reports of the pros and cons of consumption.
The study, funded by the British Heart Foundation, contradicted previous findings that it stiffens arteries, putting pressure on the heart and increasing the likelihood of a heart attack or stroke, leading to warnings to cut down.
Numerous studies have recognised the benefits of coffee in cutting oral and esophageal cancer, the risk of a stroke and cirrhosis of the liver.
The benefits are often linked to biologically active compounds including caffeine, flavonoids, lignans, and other polyphenols, which benefit the body. These and othetr coffee compounds regulate genes involved in DNA repair, have anti-inflammatory properties and are associated with lower risk of insulin resistance, which is linked to type-2 diabetes.
But as doctors warn, too much of anything is inadvisable. The British Heart Foundation found the heaviest coffee drinkers in the study were most likely to be men who smoked and drank alcohol regularly.
Excessive amounts of coffee also unsettle the stomach causing or contributing to stomach ulcers. It also stains the teeth over time, hampers absorption of minerals and vitamins like zinc and iron.
It also raises blood pressure, which is largely problematic for people with existing conditions.
So the heaviest drinkers of the black stuff - some in the study had up to 25 cups per day - may want to rein it in.
Rory Reynolds