Sunday, June 23, 2024

“ADNOC Distribution” records a net profit of 835 million dirhams

Date:

Yesterday, ADNOC Distribution announced its financial results for the third quarter of the year, recording a 28% year-on-year increase in profit to reach Dh1.1 billion, with an increase in net profit before interest, tax, depreciation and amortization. 9% on annual basis.

These strong results are supported by growth in the fuel volume and non-fuel retail sector, as well as initiatives to improve operational efficiency across all sectors of the company and increase the contribution of its international operations.

Total fuel volume sold in the Gulf Cooperation Council region (UAE and Saudi Arabia) increased by 21% year-on-year and 5% quarter-on-quarter, the company said in a statement. The increase is driven by the continued expansion of the company’s station network and the recovery of economic activity and mobility in the region.

In the third quarter of 2023, the company achieved a strong cash flow of 1.447 billion dirhams and maintained a strong balance sheet at the end of the third quarter of the year as net debt to earnings before interest, taxes and depreciation. And the leverage ratio reached 0.67 times, which improves the company’s growth prospects and returns.Shareholders. In the third quarter of 2023, the company achieved continued growth in the non-fuel retail segment, recording a 14% year-on-year increase in non-fuel transactions, increased segment profitability and conversion rates from fuel. 24% for retail stores, compared to 21%. In the third quarter of 2022.

Engineer Badr Saeed Al Lamki, CEO of ADNOC Distribution, said: “The positive results we achieved in the third quarter confirm the continued growth of our business and the strength of our fuel retail and non-fuel retail sectors. Quarterly results since the initial public offering.”

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He added: “These strong results are achieved by implementing our smart growth strategy, which includes expanding our business network locally and internationally, improving operational efficiency and investing in growth, to achieve value and deliver remunerative returns to our shareholders. Adopting the latest technologies in all its operations, the best To provide experiences.” and services to customers.

New stations

ADNOC Distribution opened 12 new service stations in the third quarter of 2023 and 16 service stations in the first half of the year, bringing its total station count to 828 service stations, including 585 service stations. In the United Arab Emirates and Saudi Arabia.

After opening 28 new stations in the first nine months of this year, the company met its target for 2023, adding 25 to 35 new service stations, and expects to continue expanding its network in the last quarter of 2023 and beyond. In the third quarter of 2023, the first three service stations bearing the “ADNOC” brand were opened in Egypt, and six more stations owned by “ADNOC Distribution” are slated to open by the end of this year.

Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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