ADNOC Classification: Public
b;
Third Quarter and Nine
Months of 2022 Results
Management Discussion & Analysis Report
;
11 November 2022
First Quarter 2020
Results
12 May 2020
1 | P ageADNOC Classification: Public
Key Highlights: Record results in 9M 2022, with a positive
outlook for Q4 2022 and beyond
9M 2022 Results
Fuel volumes
7,203 +6.5% y-o-y
million liters
Retail fuel volumes: +3.8% driven by country’s ongoing economic activities growth and network
expansion
Commercial fuel volumes: +12.6% driven by strong growth in the corporate business
Revenue
23,924 +62.8% y-o-y
driven by higher growth in total fuel volumes and selling prices (higher crude oil prices) as well as higher
AED million non-fuel business contribution
Gross profit
4,443 +23.7%* y-o-y
AED million
driven by higher fuel volumes and inventory gains as well as growth in the Non-Fuel Retail business
2,827 Retail fuel: +31.8%* y-o-y
AED million
driven by higher fuel volumes, as well as higher inventory gains of AED 488 million in 9M 2022 (9M 2021:
AED 268 million)
478 Retail non-fuel: +8.7% y-o-y
AED million
driven by strong growth in non-fuel transactions, conversion rate in Q3 2022, convenience stores network
expansion, improved customer offerings following revitalization of stores, marketing and promotion
campaigns, and higher Food and Beverage (F&B) sales
1,138 Commercial: +13.0%* y-o-y
AED million
driven by higher Corporate fuel volumes, partially offset by lower Aviation fuel volumes
EBITDA
2,862 +26.4% y-o-y
AED million
driven by higher fuel volumes and inventory gains as well as higher contribution from non-fuel retail
business
Underlying EBITDA (EBITDA excluding inventory losses/gains and one-offs)
2,467 +22.3% y-o-y
AED million
driven by higher fuel volumes
Net profit
2,329 +38.5% y-o-y
AED million
driven by higher EBITDA and lower depreciation charges due to a change in estimated useful life of assets
implemented in Q3 2022. For further details, please refer to page 6 of this document.
* For comparable purposes, prior year periods OPEX was reclassified. Further details of the reclassification can be found on page 6 of this
document
2 | P ageADNOC Classification: Public
Strong cash generation and balance sheet – 9M 2022
2,249 Free cash flow (+26.6% y-o-y)
driven by robust cash flow from operating activities and a positive effect of the working capital change
AED million
The Company maintained a strong financial position at the end of September 2022 with liquidity of AED 5.8
billion, in the form of AED 3.0 billion in cash and cash equivalents and AED 2.8 billion in unutilized
credit facility
0.68x Net debt to EBITDA ratio
ADNOC Distribution’s balance sheet remained strong with a Net debt to EBITDA ratio of 0.68x as of 30
September 2022
Successful refinancing
On 26 October 2022, the Company successfully refinanced a AED 5.5 billion ($1.5 billion) loan for a 5 year
term ahead of the maturity date of its existing term loan (10 Nov. 2022) at competitive rates despite current
market conditions. It also secured a Revolving Credit Facility (RCF) of AED 2.8 billion ($750 million) from
ADNOC PJSC for a 5 year term at competitive rates, reaffirming ADNOC’s support to ADNOC Distribution.
The new term debt matures at the end of 2027 with no covenants in place
Operational highlights – 9M 2022
47 New stations in UAE and KSA 547 Total stations network
Including 6 sites in Dubai 481 in UAE (37 in Dubai)
66 in KSA
20 New convenience stores in 366 Total convenience stores
UAE network in UAE
132 Fuel transactions 29 Non-Fuel transactions
+14.4% y-o-y +17.6% y-o-y
Million Million
3 | P ageADNOC Classification: Public
Strategy Update: continued strong execution momentum
During the first nine months of 2022, ADNOC Distribution delivered strong results, demonstrating continued
execution momentum on its Smart Growth Strategy. The Company remains committed to delivering on its growth
initiatives and generating long-term shareholder value.
Fuel business (Retail and Commercial)
ADNOC Distribution’s total fuel volumes continued to grow over the first nine months of 2022, with an increase
of 7% year-on-year, supported by the ongoing economic activities expansion in UAE and strong growth in the
corporate business. In addition, the Company continued to expand in Dubai and Saudi Arabia by adding new
stations, resulting in incremental fuel volumes in 9M 2022 compared to the same period of 2021.
Network expansion: The Company accelerated delivery of its growth strategy throughout 9M 2022, with the
opening of 47 new stations in the UAE and KSA, achieving c. 80% of its 2022 network expansion target.
o Domestically: ADNOC Distribution’s UAE network grew to 481 retail fuel stations as of 30 September 2022.
In the first nine months of 2022, the Company opened 21 new service stations in the UAE, out of which 6
were in Dubai. As a result, the company’s service station network in Dubai expanded to 37 stations at the
end of 9M 2022
In Dubai, ADNOC Distribution recently opened its new flagship station in Dubai. The company’s first station
on Sheikh Zayed Road leverages advanced technologies – including smart cameras and digital screens at
the pump – to deliver a personalized, digitally immersive and seamless customer journey. The station also
offers impressive sustainability credentials, being partially powered by renewable sources – including an
energy-generating walkway in the first double-storey ADNOC Oasis convenience store
o Internationally: The Company continued to accelerate execution on its plans in the Kingdom of Saudi
Arabia, with 26 new stations opened during the nine months of 2022, taking its total network in Saudi Arabia
to 66 stations as of 30 September 2022. The Company is currently working on revitalization and rebranding
its network in KSA
Beyond the GCC region, the first nine months of the year also saw the company further advance its
international expansion by entering into an agreement with TotalEnergies Marketing Afrique SAS, to acquire
a 50% stake in TotalEnergies Marketing Egypt LLC (which is among the top four fuel retail operators in
Egypt) for approximately AED 683 million ($185.9 million), with an additional earn-out of up to AED 63.5
million ($17.3 million), if certain conditions are satisfied. Completion of the acquisition is expected to occur
in Q1 2023 subject to the satisfaction of certain conditions, including customary regulatory approvals.
The partnership with TotalEnergies, a leading global multi-energy company with a strong brand and
successful track record in Egypt, includes a diversified portfolio comprising 240 fuel retail stations, 100+
convenience stores, 250+ lube changing stations, and car wash sites, as well as wholesale fuel, aviation
fuel and lubricant operations. This move aligns with the Company’s vision to establish ADNOC Distribution
as a regional fuel distribution leader and will provide sizeable operations in one of the largest countries in
MENA. The acquisition is expected to be earnings accretive to ADNOC Distribution from year one post
closing.
4 | P ageADNOC Classification: Public
Commercial business: the Company continued to maintain strong focus on proactive sales strategy during the
first nine months of 2022, mainly in the Corporate business. ADNOC Distribution’s corporate fuel volumes
witnessed a 28% year-on-year increase compared to the same period of 2021. The total number of export
network countries of ADNOC Distribution’s VOYAGER lubricants portfolio also rose to 22 markets over the first
nine months of the year compared to 17 markets in the same period last year. The company also launched a
new ADNOC VOYAGER green series, an alternative 100% plant-based lubricant range for petrol and diesel
engines.
Non-fuel business
The Company’s UAE network of convenience stores increased to 366 as of 30 September 2022, which includes
the addition of 20 new convenience stores in the UAE during nine months of 2022. The convenience stores
revitalization program continued, with 11 stores refurbished in the UAE in 9M 2022, offering fresh food, barista-
brewed coffee and a wider menu selection.
In line with the Company’s on-going non-fuel retail strategy to offer modern and digitally-enabled shopping
experience, ADNOC Distribution continued to enhance customer offerings through various initiatives, such as
refurbishment of stores, improvement in category management, the introduction of fresh food and premium
coffee products. On the back of these initiatives, the Company saw growth in convenience stores transactions
and revenues as well as an increase in Gross profit margins.
ADNOC Rewards loyalty program and Customer Focus
ADNOC Rewards loyalty program continued to add members in the first nine months of 2022, with more than
1.5 million members now enrolled and over 50 partner offers providing discounts and deals through the ADNOC
Distribution app. The program has been expanded to include a fuel redemption option whereby customers can
pay for their fuel with their ADNOC Rewards points.
Customer experience has been integral to the Company throughout the first nine months of 2022, with continuing
to offer customers promotions in-store and through the ADNOC Rewards. This includes the Let’s Go Shop and
Win Raffle, as well as comprehensive vehicle inspection, car wash, and lube change offers.
Cost Optimization
ADNOC Distribution’s operational expenditure (excl. depreciation) increased by 17.3% in the first nine months
of 2022 compared to the same period in 2021, after an increase in its network by 18% year-on-year and
associated operational costs. The Company continues to implement management initiatives to increase
operational efficiency across all business units and prudent cost controls.
Over the period 2019-2021, the Company met its target of like-for-like OPEX savings of between AED 367 and
550 million over 2019-2023 by achieving like-for-like OPEX savings of AED 378 million over 2019-2021.
CAPEX
In line with the guidance and plans to continue with our expansion strategy, the Company incurred CAPEX
(including accruals/provisions) of AED 744 million over nine months of 2022.
5 | P ageADNOC Classification: Public
Change in Financial presentation
To ensure robust reporting and fair representation of operating expenses, during Q3 2022 ADNOC Distribution
reclassified certain OPEX items and changed the accounting estimate of useful life of assets. The changes are
effective from 1st January 2022. However, the full retrospective adjustments for 9M 2022 (c. AED 162 million
OPEX reclassification to Cost of Goods Sold and AED 125 million reduction in depreciation charge) impacted
the financials of Q3 2022, and will structurally reduce OPEX and depreciation charge going forward.
The changes include:
1. Reclassification of certain OPEX items into Cost of Goods Sold (COGS):
- Fuel transport costs (the cost to transfer fuels from depots to retail stations)
- Aviation related OPEX (costs incurred by ADNOC Distribution and recovered at a margin from ADNOC as
per the Aviation Services Agreement which the Company entered with ADNOC at the time of the IPO)
2. Change in accounting estimate of useful life of assets:
- As part of regular review of useful lives of assets mandated by International Financial Reporting Standards
(IFRS), lives of certain assets have been extended in line with IAS 16. More details can be found in note
3 of ADNOC Distribution’s financial statements for the period ended 30 September 2022
Eng. Bader Al Lamki – Chief Executive Officer:
"I am pleased with our strong financial and operational performance. We have demonstrated a growth trajectory
and maintained robust cash generation with a strong balance sheet.
Meanwhile, the opening of our flagship service station in Dubai, has not only showcased our cutting-edge digital
customer experience, but also reiterated our commitment to long-term sustainable growth and generating
attractive shareholder returns.
We will continue to explore new growth opportunities that help us to business proof and support sustainable
operations of our Company.”
6 | P ageADNOC Classification: Public
Outlook: Positive growth outlook expected to continue in Q4
2022 and beyond
With the strong 9M 2022 results, ADNOC Distribution’s growth momentum is expected to continue through the
fourth quarter and into 2023 on the back of volumes growth, domestic and international expansion and higher
Non-Fuel Retail segment contribution. ADNOC Distribution remains committed to accelerating sustainable
growth and shareholder value supported by strong balance sheet and robust cash generation, investment in
electric vehicle chargers to capture new earnings growth opportunities, and distribution of attractive dividends
supported by the solid earnings growth.
The company continues to execute on its growth commitment to reach min. AED 3.67 billion ($1bn) EBITDA by
2023.
Fuel business
New Stations: after adding 47 new stations in UAE and KSA during the first nine months of 2022, the Company
expects delivery momentum to continue and fuel volumes growth to sustain over Q4 2022 and beyond. The
Company remains on track to open 60 to 80 new stations in 2022.
Domestically, Dubai market remains at the heart of the Company’s Smart Growth Strategy as it offers high
potential for the Company to gain market share. The Company opened six stations in the first nine months of
2022 with an additional pipeline of more than 10 stations already approved for further development. Focus
remains on high quality strategic locations in Dubai.
In Saudi Arabia, ADNOC Distribution has a fully operational team on the ground. Following the addition of 64
new stations in Saudi Arabia since the beginning of 2021, the Company is currently working on revitalization and
rebranding its network in the Kingdom.
In Egypt, ADNOC Distribution’s recent partnership with TotalEnergies to acquire a 50% stake in TotalEnergies
Marketing Egypt reaffirms our commitment to expanding business in attractive international growth markets.
Egypt’s fuel retail market is highly attractive with a potential for future growth. Due to its young and expanding
population, alongside a series of progressive economic reforms, Egypt has recorded positive GDP growth with
a strong outlook.
Through this transaction, ADNOC Distribution and TotalEnergies are expected to explore future growth
opportunities of TotalEnergies Marketing Egypt by unlocking value potential in fuel distribution, lubricants and
aviation businesses supported by economic growth and post-COVID recovery.
The transaction will give ADNOC Distribution access to profitable lubricants and commercial aviation businesses
in Egypt with further growth upside, and it is expected to be earnings accretive to ADNOC Distribution from the
first year post closing. The acquisition is expected to be completed in Q1 2023 pending satisfaction of certain
conditions, including customary regulatory approvals.
Beyond that, the Company is evaluating a number of potential inorganic growth opportunities in international
markets. ADNOC Distribution’s focus is to ensure capital is allocated efficiently towards growth in value-accretive
expansion that meets targeted rate of returns.
7 | P ageADNOC Classification: Public
Non-fuel business
After witnessing strong momentum in the convenience stores revitalization program over 2020-2021, with 150
convenience stores revitalized, the Company continues to invest in offering customers a modern and engaging
retail experience, in line with its ambitious non-fuel strategy. ADNOC Distribution will continue to progress on C-
stores refurbishment in the fourth quarter of 2022 and 2023, focusing on offering a modern environment,
improvement in category management, a better assortment of products, including fresh food and premium
coffee, bundle offers and digital channels to order and transact.
Cost efficiency
ADNOC Distribution aims to become one of the leading cost-efficient fuel retailers and remains on track to take
structural costs out and make its operations leaner and more efficient. The key drivers for further OPEX savings
include staff optimization, with the more efficient deployment of staffing levels for stations and convenience
stores, energy efficiency through smart technology, outsourcing of logistics, centralization of key functions, etc.
The Company has already met its target of like-for-like OPEX savings of between AED 367-550 million over
2019-2023 by achieving like-for-like OPEX savings of AED 378 million over 2019-2021. ADNOC Distribution
remains focused on achieving further operational excellence and expects to deliver like-for-like OPEX savings
of approximately AED 92 million over the period from 2022 to 2023.
CAPEX
The Company is committed to pursuing expansion plans in a disciplined manner to deliver on its Smart Growth
Strategy. It expects to invest approximately AED 918 million of CAPEX in 2022, to deliver on its growth plans.
However, continued improvement will be made to increase CAPEX efficiency, including the rolling out of less
capital intensive new station formats, such as ‘ADNOC On the go’. Our CAPEX guidance does not include any
potential M&A opportunities.
8 | P ageADNOC Classification: Public
Dividend Policy
The Company’s robust and continued growth has enabled a progressive dividend policy for the shareholders.
ADNOC Distribution remains confident in the delivery of its strategic commitments and sustainable returns for
its shareholders.
ADNOC Distribution’s dividend policy sets a dividend of:
- For 2022: a minimum of AED 2.57 billion (20.57 fils per share) cash dividend, offering an annual dividend
yield of 4.6% for 2022 (based on a share price of AED 4.47 as of 10th November 2022)
The Company paid a dividend of AED 1.285 billion (10.285 fils per share) for the first half of 2022 in
October 2022 and expects to pay a dividend of minimum AED 1.285 billion (10.285 fils per share) for the
second half of 2022 in April 2023, subject to the discretion of Company’s Board of Directors and to
shareholders’ approval
- For 2023 onwards: a dividend equal to at least 75% of distributable profits, subject to shareholders’
approval
The Company’s financial position remained strong at the end of September 2022 (cash & equivalent of AED 3.0
billion, retained earnings of AED 1.5 billion and Net debt to EBITDA of 0.68x at the end of September 2022).
In accordance with our approved dividend policy, we expect to continue to pay half of the annual dividend in
October of the relevant year and the second half to be paid in April of the following year. The payment of dividend
is subject to the discretion of ADNOC Distribution’s Board of Directors and to shareholders’ approval.
9 | P ageADNOC Classification: Public
Financial summary: strong financial results
AED millions Q3-22 Q2-22 QoQ % Q3-21(5) YoY % 9M 2022 9M 2021(5) YoY%
Revenue 8,551 8,637 -1.0% 5,398 58.4% 23,924 14,698 62.8%
Gross profit 1,277 1,717 -25.6%(4) 1,152 10.8% 4,443 3,591 23.7%
Margin 14.9% 19.9% 21.3% 18.6% 24.4%
EBITDA 868 1,113 -22.0% 737 17.8% 2,862 2,265 26.4%
Margin 10.2% 12.9% 13.6% 12.0% 15.4%
Underlying EBITDA1 802 898 -10.7% 617 30.0% 2,467 2,017 22.3%
Operating profit 817 939 -13.0% 580 40.8% 2,474 1,817 36.2%
Net profit 767 891 -14.0% 529 44.9% 2,329 1,681 38.5%
Margin 9.0% 10.3% 9.8% 9.7% 11.4%
Earnings per share
0.06 0.071 -14.0% 0.042 44.9% 0.186 0.134 38.5%
(AED/share)
Net cash generated from
570 350 62.8% -551 NM 2,986 2,241 33.2%
operating activities
Capital expenditures 331 217 52.4% 148 124.2% 744 409 82.1%
Free Cash Flow2 291 92 217.5% -720 NM 2,249 1,777 26.6%
Total equity 3,024 3,533 -14.4% 2,647 14.2% 3,024 2,647 14.2%
Net debt3 2,501 2,717 -7.9% 2,358 6.1% 2,501 2,358 6.1%
Capital employed 9,985 10,450 -4.4% 9,211 8.4% 9,985 9,211 8.4%
Return on capital
30.9% 27.3% 29.5% 30.9% 29.5%
employed (ROCE)
Return on equity (ROE) 95.9% 75.3% 95.7% 95.9% 95.7%
Net debt to EBITDA
0.68 0.77 0.71 0.68 0.71
ratio3
Leverage ratio3 45.3% 43.5% 47.1% 45.3% 47.1%
NM: Not meaningful
(1) Underlying EBITDA is defined as EBITDA excluding Inventory gains/losses and one-off gains/losses
(2) Free Cash Flow is defined as Net cash generated from operating activities less payments for purchase of property, plant & equipment
and advances to contractors
(3) Cash and bank balances used for Net Debt calculation includes term deposits with banks
(4) Change is partially due to reclassification of certain OPEX items to Costs of Goods Sold (COGS)
(5) For comparable purposes, prior year periods OPEX were reclassified (refer to page 6 for details)
Notes:
See the Glossary for the calculation of certain metrics referred to above
10 | P ageADNOC Classification: Public
Operating and Financial Review
Fuel Volumes
Q3 2022 total fuel volumes sold reached 2,322 Compared to Q2 2022, Q3 2022 total fuel volumes
million liters, increasing by 1.9% compared to Q3 declined by 4.1% due to a 10.0% decline in
2021. In Q3 2022, Retail fuel volumes sold declined Commercial fuel volumes which can be attributed to
by 1.9% year-on-year due to more residents reduced trading activity in the Corporate business
travelling outside of UAE during summer holidays and lower uptake from strategic aviation customers
compared to the same period of 2021 and higher in the Aviation segment.
pump prices. Q3 2022 Commercial fuel volumes
9M 2022 total fuel volumes sold reached 7,203
increased by 11.1% year-on-year driven by a strong
million liters, an increase of 6.5% year-on-year.
growth of 28.9% in corporate volumes, partially
Retail fuel volumes increased by 3.8% in 9M 2022,
offset by a reduction of 69.4% year-on-year in
while Commercial fuel volumes increased by 12.6%
Aviation volumes due to lower uptake from strategic
year-on-year, mainly driven by a 27.4% increase in
aviation customers.
Corporate volumes. This was partially offset by a
54.8% decline in Aviation volumes.
Fuel volumes by
Q3-22 Q2-22 QoQ % Q3-21 YoY % 9M 2022 9M 2021 YoY %
segment (million liters)
Retail (B2C) 1,583 1,601 -1.1% 1,614 -1.9% 4,839 4,664 3.8%
Commercial (B2B) 739 821 -10.0% 665 11.1% 2,364 2,098 12.6%
Of which Corporate 702 778 -9.7% 545 28.9% 2,193 1,721 27.4%
Of which Aviation 37 43 -15.2% 120 -69.4% 170 377 -54.8%
Total 2,322 2,422 -4.1% 2,279 1.9% 7,203 6,763 6.5%
Fuel volumes by
Q3-22 Q2-22 QoQ % Q3-21 YoY % 9M 2022 9M 2021 YoY %
product (million liters)
Gasoline (1) 1,451 1,476 -1.7% 1,459 -0.5% 4,453 4,235 5.2%
Diesel 668 725 -7.9% 553 20.8% 2,052 1,689 21.5%
Aviation products 37 43 -15.2% 120 -69.4% 170 377 -54.8%
Others (2) 166 177 -6.4% 147 13.1% 528 462 14.2%
Total 2,322 2,422 -4.1% 2,279 1.9% 7,203 6,763 6.5%
(1) Includes grade 91, 95 and 98 unleaded gasoline.
(2) Includes CNG, LPG, kerosene, lubricants and base oil.
Results
Q3 2022 revenue increased by 58.4% year-on-year Q3 2022 Underlying EBITDA (EBITDA excluding
to AED 8,551 million. The increase in revenue was inventory losses/gains and one-offs) increased by
driven by higher selling prices as a result of higher 30.0% year-on-year to AED 802 million, mainly
crude oil prices and growth in fuel volumes and driven by higher fuel volumes.
higher contribution of non-fuel business.
Q3 2022 Net profit increased by 44.9% year-on-year
Q3 2022 Gross profit increased by 10.8% year-on- to AED 767 million, driven by higher EBITDA and
year to AED 1,277 million, mainly driven by higher lower depreciation charges in Q3 2022, due to a
fuel volumes, growth in Non-Fuel Retail business as change in accounting estimates related to useful life
well as higher inventory gains of AED 88 million in of assets that was implemented in Q3 2022. The
in the fuel retail business in Q3 2022 versus change resulted in a reduction of AED 125 million in
inventory gains of AED 73 million in Q3 2021. depreciation for 9M 2022 with a full impact reflected
in Q3 2022.
Q3 2022 reported EBITDA increased by 17.8%
year-on-year to AED 868 million, mainly driven by
higher fuel volumes and inventory gains.
11 | P ageADNOC Classification: Public
9M 2022 Revenue increased by 62.8% year-on- 9M 2022 reported EBITDA increased by 26.4%
year to AED 23,925 million. The increase in revenue year-on-year to AED 2,862 million, mainly driven by
was driven by growth in fuel volumes, higher selling higher fuel volumes and inventory gains.
prices as a result of higher crude oil prices as well
as higher contribution of non-fuel business. 9M 2022 Underlying EBITDA (EBITDA excluding
inventory losses/gains and one-offs) increased by
9M 2022 Gross profit increased by 23.7% year-on-
22.3% year-on-year to AED 2,467 million, mainly
year to AED 4,443 million, mainly driven by higher
driven by higher fuel volumes.
fuel volumes, growth in Non-Fuel Retail business as
well as higher inventory gains of AED 488 million in 9M 2022 Net profit increased by 38.5% year-on-
9M 2022 versus inventory gains of AED 268 million year to AED 2,329 million, driven by higher EBITDA
in 9M 2021. and lower depreciation charges, as explained
above.
Revenue by segment
Q3-22 Q2-22 QoQ % Q3-21 YoY % 9M 2022 9M 2021 YoY %
(AED millions)
Retail (B2C) 5,843 5,718 2.2% 3,910 49.4% 16,162 10,380 55.7%
Of which Fuel Retail 5,560 5,447 2.1% 3,642 52.7% 15,324 9,577 60.0%
Of which Non-Fuel Retail(1) 282 271 4.3% 268 5.3% 838 804 4.3%
Commercial (B2B) 2,708 2,919 -7.2% 1,488 81.9% 7,763 4,318 79.8%
Of which Corporate 2,476 2,676 -7.5% 1,142 116.8% 6,972 3,329 109.4%
Of which Aviation 232 243 -4.8% 345 -33.0% 791 989 -20.0%
Total 8,551 8,637 -1.0% 5,398 58.4% 23,924 14,698 62.8%
Gross profit by segment
Q3-22 Q2-22 QoQ % Q3-21(4) YoY % 9M 2022 9M 2021(4) YoY %
(AED millions)
Retail (B2C) 1,015 1,250 -18.8%(3) 827 22.8% 3,304 2,584 27.9%
Of which Fuel Retail 852 1,094 -22.1%(3) 674 26.3% 2,827 2,144 31.8%
Of which Non-Fuel Retail(1) 163 156 4.8% 153 7.0% 478 440 8.7%
Commercial (B2B) 262 467 -43.9%(3) 325 -19.5% 1,138 1,007 13.0%
Of which Corporate 273 361 -24.3% 224 21.8% 925 713 29.8%
Of which Aviation -11 106 NM 101 NM 213 294 -27.6%
Total 1,277 1,717 -25.6%(3) 1,152 10.8% 4,443 3,591 23.7%
EBITDA by Segment
Q3-22 Q2-22 QoQ % Q3-21 YoY % 9M 2022 9M 2021 YoY %
(AED millions)
Retail (B2C) 623 777 -19.8% 484 28.6% 1,998 1,489 34.2%
Commercial (B2B) 244 336 -27.3% 253 -3.5% 862 780 10.6%
Of which Corporate 219 298 -26.5% 178 23.0% 748 569 31.5%
Of which Aviation 25 38 -33.6% 75 -66.4% 114 207 -45.1%
Unallocated(2) 1 1 -2.4% 0 NM 2 -4 NM
Total 868 1,113 -22.0% 737 17.8% 2,862 2,265 26.4%
NM: Not meaningful
(1) Non-fuel retail includes convenience stores, car wash, lube change, property management and vehicle inspection
(2) Unallocated includes other operating income/expenses not allocated to specific segment
(3) Change is partially due to reclassification of certain OPEX items to Costs of Goods Sold (COGS)
(4) For comparable purposes, prior year periods OPEX were reclassified (refer to page 6 for details)
12 | P ageADNOC Classification: Public
Distribution and administrative expenses
Q3 2022 distribution and administrative expenses 9M 2022 distribution and administrative expenses
were AED 483 million, a decrease of 16.8% were AED 1,999 million, an increase of 9.7%
compared to Q3 2021, mainly as a result of the compared to 9M 2021 after an increase in the
retrospective adjustments related to 9M 2022 that Company’s network and associated costs. The
were implemented in Q3 2022, after the increase was partially offset by a lower depreciation
reclassification of certain OPEX items into COGS charge as a result of the change in accounting
and the change in accounting estimate of useful life estimate of useful life of assets as well as the impact
of assets. of the OPEX reclassification implemented in Q3
2022.
Excluding depreciation, OPEX increased by 1.8% y-
o-y in Q3 2022 after an 18% year-on-year increase Excluding depreciation, OPEX increased by 17.3%
in the Company’s network and associated staff y-o-y in 9M 2022, in line with an 18% year-on-year
costs and other expenses, this was accompanied increase in the Company’s network and associated
with the retrospective adjustments related to 9M staff costs and other expenses.
2022 that were implemented in Q3 2022, related to
the reclassification of certain OPEX items into
COGS.
9M 9M
AED millions Q3-22 Q2-22 QoQ % Q3-21(3) YoY % YoY %
2022 2021(3)
Staff costs 302 405 -25.5%(2) 285 6.0% 1,100 950 15.7%
Depreciation 51 174 -70.5%(4) 157 -67.2%(4) 388 448 -13.4%(4)
Repairs, maintenance
41 39 5.3%(2) 32 25.3% 125 115 8.4%
and consumables
Distribution and
-7 24 NM(2) 10 NM 46 26 72.7%
marketing expenses
Utilities 33 68 -52.1% 50 -34.8% 141 143 -1.6%
Insurance 6 4 27.8% 3 95.7% 14 8 78.1%
Others1 59 69 -15.2% 44 33.8% 186 131 41.9%
Total 483 783 -38.3%(2)(4) 581 -16.8% 1,999 1,822 9.7%
NM: Not meaningful
(1) Others include lease cost, bank charges, consultancies etc.
(2) Change is partially due to reclassification of certain OPEX items to Costs of Goods Sold (COGS)
(3) For comparable purposes, prior year periods OPEX were reclassified (refer to page 6 for details)
(4) Change is partially due to a change in accounting estimate of useful life of assets (refer to page 6 for details)
13 | P ageADNOC Classification: Public
Capital expenditures
In Q3 2022, total CAPEX more than doubled
The Company’s capital expenditures (CAPEX) compared to Q3 2021 mainly driven by the higher
primarily consist of (i) investments related to the CAPEX on the development and construction of
development and construction of new service new service stations (c.75% of total CAPEX) as well
stations and fuel terminal projects and capitalized as due to higher machinery and equipment capital
maintenance costs related to our properties, (ii) the expenditures.
purchase of machinery and equipment, and (iii) In 9M 2022, total CAPEX increased by 82%
other capital expenditures related to our properties, compared the same period of last year, driven by
including structural upgrades, technology higher CAPEX on service stations, industrial
infrastructure upgrades and other improvements. projects and machinery and equipment.
The table below presents the breakdown of our
capital expenditures for the reviewed period:
AED millions Q3-22 Q2-22 QoQ % Q3-21 YoY % 9M 2022 9M 2021 YoY %
Service stations projects 242 154 56.9% 96 152.2% 523 286 82.9%
Industrial projects 27 26 6.8% 25 9.3% 90 53 67.7%
Machinery and
26 13 93.6% 6 342.5% 50 12 312.8%
equipment
Distribution fleet 6 0 NM 0 NM 10 0 NM
Technology infrastructure 25 17 44.0% 20 22.3% 58 55 5.3%
Office furniture and
5 7 -24.4% 1 NM 14 2 NM
equipment
Total 331 217 52.4% 148 124.2% 744 409 82.1%
NM: Not meaningful
14 | P ageADNOC Classification: Public
Business segments operating review
Retail Segment – B2C (Fuel and Non-Fuel)
Volumes
Q3 2022 retail fuel volumes sold declined by 1.9% 9M 2022 retail fuel volumes sold increased by 3.8%
y-o-y, as a result of high pump prices that y-o-y as a result of the country’s ongoing economic
temporarily impacted the consumer demand for growth. In addition, the Company continued to
retail fuel in the period. Q3 2022 also saw more expand in Saudi Arabia and Dubai by adding new
residents travelling outside of UAE during summer stations, resulting in incremental fuel volumes in 9M
holidays compared to Q3 2021, which had been 2022 compared to the same period of 2021.
negatively impacted by COVID-19 travel
restrictions.
Retail Segment volumes
Q3-22 Q2-22 QoQ % Q3-21 YoY % 9M 2022 9M 2021 YoY %
(million liters)
Gasoline 1,385 1,411 -1.8% 1,440 -3.8% 4,257 4,158 2.4%
Diesel 147 140 5.1% 133 10.7% 435 381 14.2%
Other (1) 50 50 1.7% 41 24.3% 147 125 17.4%
Total 1,583 1,601 -1.1% 1,614 -1.9% 4,839 4,664 3.8%
(1) Includes CNG, LPG, kerosene and lubricants.
Results
Q3 2022 retail segment revenue increased by 9M 2022 retail segment revenue increased by
49.4% compared to Q3 2021, driven by an increase 55.7% compared to 9M 2021, driven by an increase
in pump prices and non-fuel retail revenue, partially in pump prices and, fuel volumes growth and
offset by lower retail fuel volumes. increase in non-fuel revenues.
Q3 2022 retail segment Gross profit increased by 9M 2022 retail segment Gross profit increased by
22.8% compared to Q3 2021, driven by higher 27.9% compared to 9M 2021, driven by higher retail
inventory gains in the retail fuel business and non- fuel volumes, inventory gains and non-fuel business
fuel business growth. The Fuel retail business growth. The Fuel retail business Gross profit
Gross profit increased by 26.3% year-on-year, increased by 31.8% year-on-year, mainly driven by
mainly driven by inventory gains of AED 88 million higher fuel volumes and inventory gains of AED 488
in Q3 2022 (versus inventory gains of AED 73 million in 9M 2022 (versus inventory gains of AED
million in Q3 2021). Non-fuel retail Gross profit rose 268 million in 9M 2021). Non-fuel retail Gross profit
by 7.0% in Q3 2022 compared to Q3 2021, driven rose by 8.7% in 9M 2022 compared to 9M 2021,
by growth in non-fuel transactions, higher driven by growth in non-fuel transactions, higher
conversion rate, more convenience stores, number of convenience stores, improvement in
improvement in margins and enhanced customer margins and improved customer offerings.
offerings.
9M 2022 retail segment EBITDA increased by
Q3 2022 retail segment EBITDA increased by 34.2% compared to 9M 2021, mainly driven by
28.6% compared to Q3 2021, mainly driven by higher retail fuel volumes, inventory gains and
higher inventory gains and growth in non-fuel growth in non-fuel business.
business, partially offset by lower retail fuel
volumes.
15 | P ageADNOC Classification: Public
Retail Segment 9M 9M
Q3-22 Q2-22 QoQ % Q3-21(3) YoY % YoY %
(AED million) 2022 2021(3)
Revenue 5,843 5,718 2.2% 3,910 49.4% 16,162 10,380 55.7%
Of which Fuel Retail 5,560 5,447 2.1% 3,642 52.7% 15,324 9,577 60.0%
Of which Non-Fuel Retail(1) 282 271 4.3% 268 5.3% 838 804 4.3%
Gross profit 1,015 1,250 -18.8%(2) 827 22.8% 3,304 2,584 27.9%
Of which Fuel Retail 852 1,094 -22.1%(2) 674 26.3% 2,827 2,144 31.8%
Of which Non-Fuel Retail(1) 163 156 4.8% 153 7.0% 478 440 8.7%
EBITDA 623 777 -19.8% 484 28.6% 1,998 1,489 34.2%
Operating profit 578 618 -6.4% 342 68.8% 1,646 1,087 51.5%
Capital expenditures 212 141 50.1% 122 73.4% 430 331 30.2%
(1) Non-fuel retail includes convenience stores, car wash, lube change, property management and vehicle inspection
(2) Change is partially due to reclassification of certain OPEX items to Costs of Goods Sold (COGS)
(3) For comparable purposes, prior year periods OPEX were reclassified (refer to page 6 for details)
Other operating metrics
Q3 2022 and 9M 2022 fuel transactions increased as a result of the country’s ongoing economic
by 7.9% and 14.4%, respectively, compared to the growth and further ease in mobility and global travel
same periods of 2021 on the back of network restrictions.
expansion, improving customer sentiment, as well
Fuel operating metrics Q3-22 Q2-22 QoQ % Q3-21 YoY % 9M 2022 9M 2021 YoY %
Number of service stations - UAE (1) 481 472 1.9% 459 4.8% 481* 459 4.8%
Number of service stations - Saudi
66 66 NM 5 NM 66 5 NM
Arabia (1) (2)
Total number of service stations 547 538 1.7% 464 17.9% 547 464 17.9%
Total Throughput per station (million
2.9 3.0 -2.8% 3.5 -16.8% 8.8 10.1 -12.0%
liters)
Number of fuel transactions
44.5 45.3 -1.7% 41.2 7.9% 132.5 115.8 14.4%
(millions) - UAE
NM: Not meaningful
(1) At end of period.
(2) Includes one franchised site
* Two old station were closed during 9M 2022
Q3 2022 and 9M 2022 Non-fuel transactions revitalization of our stores, marketing and promotion
increased by 17.0% and 17.6%, respectively year- campaigns as well as the higher F&B sales.
on-year driven by improving consumer sentiment,
increase in number of convenience stores, enhanced Average gross basket size declined by 5.4% year-
customer offerings following the revitalization of our on-year in Q3 2022 and by 5.0% year-on-year in 9M
stores and marketing and promotion campaigns 2022 after a double digit year-on-year rise during the
under ADNOC Rewards loyalty program to attract peak of COVID-19 pandemic as customers visited
higher footfall and increase customer spending. less during pandemic restrictions but bought more
during each visit. However, average gross basket
The convenience stores revenues increased by
size is still above pre-pandemic levels, driven by
6.4% in Q3 2022 compared to Q3 2021, and by 9.8%
customer centric initiatives.
in 9M 2022 compared to 9M 2021, mainly driven by
higher transactions compared to the same periods of
last year. Q3 2022 and 9M 2022 convenience stores
Gross profit increased by 14.9% and 17.3%,
respectively year-on-year driven by higher
transactions and improvement in margins. The
convenience stores business margins improved as a
result of enhanced customer offerings following
16 | P ageADNOC Classification: Public
In its property management business, the Company The number of vehicles inspected (fresh tests) in the
continues to transition its tenancy business to a Company’s vehicle inspection centers increased by
revenue sharing model to maximize revenue and 4.2% in Q3 2022 compared to Q3 2021, and by 5.1%
profitability. The number of occupied properties in 9M 2022 compared to 9M 2021, driven by a higher
increased by 8.4% year-on-year in both Q3 2022 and
number of vehicle inspection centers.
9M 2022 driven by proactive non-fuel growth
strategy to bring in new tenants.
Non-Fuel operating metrics Q3-22 Q2-22 QoQ % Q3-21 YoY % 9M 2022 9M 2021 YoY %
Total number of non-fuel transactions
9.9 9.4 4.9% 8.4 17.0% 28.8 24.5 17.6%
(millions) – UAE (2)
Number of convenience stores - UAE (1) 366 359 1.9% 342 7.0% 366 342 7.0%
Convenience stores revenue
180 169 6.5% 169 6.4% 529 481 9.8%
(AED million)
Convenience stores Gross profit
65 58 12.1% 57 14.9% 183 156 17.3%
(AED million)
Margin 36.4% 34.6% 33.7% 34.6% 32.4%
Conversion rate % (3) 18% 17% 17% 18% 18%
Average basket size (AED) (4) 21.6 21.6 0.1% 23.6 -8.7% 21.9 23.6 -7.2%
Average gross basket size (AED)(5) 24.9 24.9 -0.2% 26.3 -5.4% 25.4 26.7 -5.0%
Number of Property Management tenants (1) 317 330 -3.9% 297 6.7% 317 297 6.7%
Number of occupied properties for rent (1) 1,003 999 0.4% 925 8.4% 1,003 925 8.4%
Number of vehicle inspection centers (1) (6) 32 31 3.2% 29 10.3% 32 29 10.3%
Number of vehicles inspected (fresh tests)
208 202 3.0% 199 4.2% 633 602 5.1%
(thousands)
Other vehicle inspection transactions
69 67 3.6% 67 3.3% 221 204 8.1%
(thousands)(7)
(1) At end of period.
(2) Includes convenience stores, car wash and oil change transactions.
(3) Number of convenience stores transactions divided by number of fuel transactions.
(4) Average basket size is calculated as convenience store revenue divided by number of convenience store transactions
(5) Average gross basket size is calculated as convenience store revenue (including revenue from consignment items shown under other
operating income) divided by number of convenience store transactions.
(6) Includes one permitting center.
(7) Other vehicle inspection transactions include number of vehicles inspected (re-tests) and sale of safety items at our vehicles inspection
centers
17 | P ageADNOC Classification: Public
Commercial Segment – B2B (Corporate and Aviation)
Volumes
Q3 2022 Commercial fuel volumes increased by 9M 2022 Commercial fuel volumes increased by
11.1% compared to Q3 2021, driven by a 28.9% 12.6% year-on-year, driven by Corporate business.
year-on-year increase in the Corporate volumes. Corporate fuel volumes increased by 27.4% year-
The higher Corporate volumes were partially offset on-year, partially driven by the new sales
by a significant decline in the Aviation fuel volumes agreements confirmed in the Q4 2021. On the other
sold to strategic customers. hand, Aviation fuel volumes sold to strategic
customers decreased by 54.8% year-on-year.
Commercial Segment
Q3-22 Q2-22 QoQ % Q3-21 YoY % 9M 2022 9M 2021 YoY %
volumes (million liters)
Gasoline 66 66 1.2% 19 254.9% 196 77 154.6%
Diesel 520 584 -11.0% 420 24.0% 1,617 1,308 23.6%
Aviation 37 43 -15.2% 120 -69.4% 170 377 -54.8%
Other (1) 115 128 -9.6% 106 8.8% 381 337 13.1%
Total 739 821 -10.0% 665 11.1% 2,364 2,098 12.6%
(1) Includes LPG, lubricants and base oil.
Results
Q3 2022 Commercial segment revenue increased Q3 2022 Commercial segment EBITDA declined by
by 81.9% compared to Q3 2021, mainly driven by 3.5% year-on-year, due to lower aviation volumes,
Corporate business revenue which more than which was not fully offset by the higher Corporate
doubled in Q3 2022 on the back of higher selling volumes.
prices as a result of increase in crude oil prices and
9M 2022 Commercial segment revenue increased
growth in Corporate fuel volumes. This was partially
by 79.8% compared to 9M 2022, mainly driven by
offset by a decline in Aviation revenues due to lower
higher Corporate business revenue, partially offset
Aviation volumes.
by a decline in Aviation revenues due to lower
Q3 2022 Commercial segment Gross profit declined aviation volumes.
by 19.5% compared to Q3 2021 as a result of a
9M 2022 Commercial segment Gross profit
significant decline in the Aviation business fuel
increased by 13.0% compared to 9M 2021 driven by
volumes sold to strategic customers. In addition,
higher Corporate fuel volumes, partially offset by
there was a one-off charge relating to
lower Aviation volumes and Gross profit.
reclassification of the Aviation business OPEX to
COGS from 1 January 2022 of AED 115 million 9M 2022 Commercial segment EBITDA increased
which was fully accounted for in Q3 2022. Excluding by 10.6% year-on-year, driven by higher Corporate
the impact of this reclassification, Q3 2022 Aviation volumes, partially offset by lower aviation volumes.
business Gross profit would amount to AED 104
million.
Commercial Segment
Q3-22 Q2-22 QoQ % Q3-21 YoY % 9M 2022 9M 2021 YoY %
(AED million)
Revenue 2,708 2,919 -7.2% 1,488 81.9% 7,763 4,318 79.8%
Of which Corporate 2,476 2,676 -7.5% 1,142 116.8% 6,972 3,329 109.4%
Of which Aviation 232 243 -4.8% 345 -33.0% 791 989 -20.0%
Gross profit 262 467 -43.9%(1) 325(2) -19.5% 1,138 1,007(2) 13.0%
Of which Corporate 273 361 -24.3% 224 21.8% 925 713 29.8%
Of which Aviation -11 106 NM(1) 101(2) NM 213 294(2) -27.6%
EBITDA 244 336 -27.3% 253 -3.5% 862 780 10.6%
Operating profit 238 321 -25.8% 238 -0.1% 826 734 12.6%
Capital expenditures 1 0 NM 4 -75.6% 4 22 -80.7%
NM: Not meaningful
(1) Change is partially due to reclassification of certain OPEX items to Costs of Goods Sold (COGS)
(2) For comparable purposes, prior year periods OPEX were reclassified (refer to page 6 for details)
18 | P ageADNOC Classification: Public
Share trading and ownership
Our shares are traded on the Abu Dhabi Securities traded daily in 9M 2022 (0.6x 2021 level). In 9M
Exchange (ADX) under the symbol ADNOCDIST. 2022, the average daily traded value of our shares
The closing share price as of 30 September 2022 was approximately AED 55 million (0.7x 2021 level).
was AED 4.44. In the period from 1 January 2022
through 30 September 2022, the share price ranged As of 30 September 2022, ADNOC owned 77%,
between AED 3.95 and AED 4.85 at close. Our while 23% of our outstanding shares were publicly
market capitalization was AED 55.5 billion as of 30 owned by institutional and retail investors.
September 2022. An average of 13 million shares
Potential risks
Key risks potentially affecting ADNOC Distribution’s exposure to these risks. For more detailed
financial and operational results include supply information on risks and risk management, please
chain risks, asset integrity and information refer to the Risk Factors section of the international
technology risks. The Company has identified and offering memorandum dated 26 November 2017
implemented several key controls and mitigation relating to our IPO, which is available on our website
strategies to ensure business continuity, including at www.adnocdistribution.ae.
engineered controls and managed controls as well
as contractual safeguards to limit its financial
19 | P ageADNOC Classification: Public
Q3 2022 Earnings conference call details
A conference call in English for investors and analysts will be held on Friday, November 11, 2022, at 5 p.m. UAE
/ 1 p.m. London / 8 a.m. New York. To access the management presentation, followed by a Q&A session, please
connect through one of the following methods:
Webcast
Click here to join the webcast
Please note that participants joining by webcast will be able to ask questions via a chat box within the webcast
player
Note: Click on the link above to attend the presentation from your laptop, tablet or mobile device. Audio will
stream through your selected device. If you have technical difficulties, please click the “Listen by Phone” button
on the webcast player and dial one of the numbers provided therein.
Audio Call Dial in Details:
UAE (Toll Free): 8000 3570 2606
KSA (Toll Free): 800 844 5726
UK (Toll Free): 0800 358 6374
US (Toll Free): 800-289-0462
Passcode: 126940
For other countries, please connect to the above webcast link, select the “Listen by Phone” option on the webcast
player and click on the audio numbers to access the dial in information
The presentation materials will be available for download in English on Friday, November 11, 2022 at
https://www.adnocdistribution.ae/en/investor-relations/investor-relations/downloads/
Reporting date for the Fourth quarter 2022
We expect to announce our fourth quarter and full year 2022 results on or around February 10, 2022.
Contacts
Investor Relations
Tel.: +971 2 695 9770
Email: ir@adnocdistribution.ae
Athmane Benzerroug
Chief Investor Relations Officer
Email: athmane.benzerroug@adnocdistribution.ae
November 11, 2022
ABU DHABI NATIONAL OIL COMPANY FOR DISTRIBUTION PJSC
20 | P ageADNOC Classification: Public
Glossary
 Net debt is calculated as total interest bearing debt less cash and bank balances (including term deposits
with banks).
 Free cash flow is calculated as Net cash generated from operating activities less payments for purchase
of property, plant & equipment and advances to contractors.
 Capital employed is calculated as the sum of total assets minus non-interest bearing current liabilities.
 Return on capital employed is calculated as operating profit for the twelve months ended divided by
capital employed on the last day of the period presented.
 Return on equity is calculated as profit for the period for the twelve months ended divided by total equity
on the last day of the period presented.
 Net debt to EBITDA ratio is calculated interest bearing net debt as of the end of the period presented,
divided by EBITDA for the twelve months ended on the last day of the period presented.
 Leverage ratio is calculated as (a) interest bearing net debt, divided by (b) the sum of interest bearing
net debt plus total equity.
 Average basket size is calculated as convenience store revenue divided by number of convenience
store transactions
 Average gross basket size is calculated as total convenience store sales revenue (including revenue
from consignment items shown under other operating income) divided by number of convenience store
transactions.
21 | P ageADNOC Classification: Public
Cautionary Statement Regarding Forward-Looking Statements
This communication includes forward-looking statements which relate to, among other things, our plans,
objectives, goals, strategies, future operational performance and anticipated developments in markets in which
operate and in which we may operate in the future. These forward-looking statements involve known and
unknown risks and uncertainties, many of which are beyond our control and all of which are based on
management’s current beliefs and expectations about future events. Forward-looking statements are sometimes
identified by the use of forward-looking terminology such as “believes”, “expects”, “may”, “will”, “could”, “should”,
“would”, “intends”, “estimates”, “plans”, “targets”, or “anticipates” or the negative thereof, or other comparable
terminology. These forward-looking statements and other statements contained in this communication regarding
matters that are not historical facts involve predictions and are based on the beliefs of our management, as well
as the assumptions made by, and information currently available to, our management. Although we believe that
the expectations reflected in such forward looking statements are reasonable at this time, we cannot assure you
that such expectations will prove to be correct. Given these uncertainties, you are cautioned not to place undue
reliance on such forward looking statements. Important factors that could cause actual results to differ materially
from our expectations include, but are not limited to: our reliance on ADNOC to supply us with substantially all
of the fuel products that we sell; an interruption in the supply of fuels to us by ADNOC; changes in the prices
that we pay ADNOC for our fuels and to the prices that we are allowed to charge our retail customers in the
UAE; failure to successfully implement our operating initiatives and growth plans, including our mixed-mode
service offering, our convenience store optimization initiatives, our cost savings initiatives, and our growth plans;
competition in our markets; decrease in demand for the fuels we sell, including due to general economic
conditions, improvements in fuel efficiency and increased consumer preference for alternative fuels; the dangers
inherent in the storage and transportation of the products we sell; our reliance on information technology to
manage our business; laws and regulations pertaining to environmental protection, operational safety, and
product quality; the extent of our related party transactions with ADNOC and our reliance on ADNOC to operate
our business; the introduction of VAT and other new taxes in the UAE; failure to successfully implement new
policies, practices, systems and controls that we implemented in connection with or following our IPO; any
inadequacy of our insurance to cover losses that we may suffer; general economic, financial and political
conditions in Abu Dhabi and elsewhere in the UAE; instability and unrest in regions in which we operate; the
introduction of new laws and regulations in Abu Dhabi and the UAE; and other risks and uncertainties detailed
in our International Offering Memorandum dated 26 November 2017 relating to our initial public offering and the
listing of our shares on the Abu Dhabi Securities Exchange, and from time to time in our other investor
communications. Except as expressly required by law, we disclaim any intent or obligation to update or revise
these forward-looking statements.
22 | P age

Sentiment: positive