H1 2019 net profit at UAE's Adnoc Distribution spikes by 4.3%
Non-fuel retail gross profit at the fuel stations operator grew by 10% in the first half of 2019, compared to H1 2018
UAE-based fuel stations operator Adnoc Distribution has recorded a 4.3% growth in its H1 2019 net profit, which stood at $319.4m (AED1.2bn) compared to corresponding numbers in the same period last year. The company is attributing the rise in profits to the “strength of its business model”.
According to UAE’s state-held news agency Wam, the company’s earnings before interest, tax, depreciation and amortisation (EBITDA) was $204.2m (AED750m) in the second quarter of 2019.
Net profit for Q2 2019 stood at $162m (AED595m), up by 2.2% compared to the second quarter of 2018.
Adnoc Distribution’s non-fuel retail gross profit grew by 10% in the first half of 2019, compared to the same period last year.
We are pleased to announce that ADNOC Distribution net profit increases by 4.3% to AED 1.173 billion and our EBITDA increased by 2.8% to AED 1.443 billion in the first half of 2019.— ADNOC Distribution (@ADNOCdist) August 4, 2019
For more information, please visit: https://t.co/ZOmsKw0ghh pic.twitter.com/HkWROYQCMS
Acting chief executive officer of Adnoc Distribution, Saeed Mubarak Al Rashdi, said: "Thanks to an unwavering focus on our customers, the strength of our business model, and the successful execution of our strategic initiatives, we have once again delivered solid results in the first half of 2019."
He added: “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."
Al Rashdi stressed that the company intended to boost top-line growth in both fuel and non-fuel businesses, targeting more than $999.2m (AED3.7bn) of EBITDA by 2023.