Morgan Stanley Capital International (MSCI) has included ADNOC Distribution as part of its MSCI Emerging Markets Index with effective date of 27 May 2021.
ADNOC Distribution is the UAE’s largest fuel and convenience retailer and is listed on the Abu Dhabi Securities Exchange (ADX).
ADNOC Distribution will now be among nine UAE listed companies to be part of the MSCI EM index which is most widely tracked by global institutional investors. The inclusion is expected to increase the attractiveness of the company's shares to potential international investors and thus further diversifying the company's investor base, according to a statement from ADNOC Distribution.
Ahmed Al Shamsi, Acting Chief Executive Officer of ADNOC Distribution said: “Being included on the MSCI Emerging Markets Index is an important milestone in ADNOC Distribution’s thriving equity narrative. The inclusion is a testament to the company’s ability to grow and a reflection of its solid performance and resilience since IPO."
In September 2020, ADNOC successfully completed a private placement of 1.25 billion of ADNOC Distribution shares (valued at $1 billion) to institutional investors, increasing its free-floating equity to 20 percent.
ADNOC Distribution's Q1 profit rose to AED 630.7 million ( $171.74 million) versus AED 399.5 million ($108.78 million) in the same period last year. Its Q1 revenue stood at 4.28 billion dirhams compared to 4.94 billion dirhams in the same period in 2020.
(Writing by Seban Scaria; editing by Daniel Luiz)
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© ZAWYA 2021