ADNOC Listed, listed on the Abu Dhabi Securities Exchange, reported strong results for the first quarter of 2022, with pre-interest, tax, depreciation and debt repayments up 7.8% year-on-year to 881 million dirhams, while net profit increased. During the same period it increased by 6.3% year-on-year to 671 million dirhams, during which time it created strong cash flow, bringing free cash to 1.9 billion dirhams, and its network in Saudi Arabia increased by 40% to 55 services. Stations.
The company revealed that corporate fuel volume recorded a strong growth of 19%, with an increase of 11% year-on-year in the total volume of fuel sold in the first quarter of the previous year. On an annual basis, it is driven by the signing of new sales agreements completed in the last quarter of 2021.
In turn, the number of non-fuel transactions across the country increased by 20%, while the total profit of the non-fuel retail business increased by 11% compared to the same period of 2021.
ADNOC distribution strengthened its presence in the first quarter of 2022, expanding its network of stations domestically and internationally, bringing its total number of stations to more than 500 service points in the UAE and Saudi Arabia.
The company opened 15 new service points in Saudi Arabia, bringing its total to 55 service points, and opened three new service points in the United Arab Emirates, bringing the total number of its stations within the country to 464. ADNOC Distribution has confirmed its commitment to plans to open 20 to 30 new stations in the United Arab Emirates by the end of 2022.
Bader Saeed Al-Lamki, CEO of ADNOC Distribution, said: “The company continued to expand its network of stations strongly in the first quarter, which is evident in the Saudi market as our network of stations has expanded by 40%. We also have plans to open 60 to 80 new service points in the United Arab Emirates and international markets by the end of this year.
He added, “(ADNOC Distribution) has a strong balance sheet and ample cash flow, which ensures our ability to sustain growth and achieve attractive returns for shareholders.”
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