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ADNOC Distribution H1 profit climbs to Dhs1.17bn

ADNOC Distribution H1 profit climbs to Dhs1.17bn

Its Q2 net profit was also up 2.2 per cent to Dhs750m compared to the similar period in 2018

ADNOC Distribution said on Sunday in its regulatory filings that its H1 2019 year-on-year profit has climbed 4.3 per cent to Dhs1.17 bn.

EBIDTA minus capital expenditures were up 21 per cent in H1 and were reported to be Dhs1.345bn.

Its Q2 net profit was also up 2.2 per cent to Dhs750m compared to the similar period in 2018.

The main reasons for this growth in profit were attributed to more cost-efficient practices and the rebooting of the company’s convenience store programme.

Non-fuel retail gross profit also increased by10 per cent in the first half of this year.

ADNOC Distribution’s Acting CEO Saeed Mubarak Al Rashdi, said, “During the remainder of 2019, we are focused on the acceleration of our domestic network expansion, particularly in Dubai, and the growth of our non-fuel business to provide a superior experience to our customers.

“As previously announced, we intend to boost top-line growth in both our fuel and non-fuel businesses, and have targeted in excess of AED3.67 billion of EBITDA by 2023.”

In 2017, ADNOC listed 10 per cent of ADNOC Distribution, the largest operator of petrol stations and convenience stores in the United Arab Emirates, on the Abu Dhabi Securities Exchange.

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