Dubai: ADNOC Distribution’s net profit for 2022 is up 22 per cent to Dh2.75 billion as higher fuel prices on average plus a fast expanding network helped with top- and bottom-line numbers.

The Abu Dhabi company’s total fuel volumes ‘continued to increase during the year’, recording an 8 per cent year-on-year gain.

The Board of Directors has recommended a dividend of Dh1.285 billion (10.285 fils per share) for H2- 2022. This would take total dividend for to Dh2.57 billion (20.57 fils per share), translating into a 4.6 per cent annual dividend yield for 2022 (based on a share price of Dh4.44 as of closing on 8 February 2023).

The company paid half of the 2022 dividend in October last.