Tuesday , May 30 2023

AED 1.682 billion in distribution of ADNOC during the first nine months of 2018


Distribution of ADNOC generated a net profit of AED 1,628 billion for the nine months ended Sept. 30, 2018, an increase of 28% over the same period last year.

The company, the leading fuel and retail store of the UAE, announced growth before taxation, amortization and depreciation of AED 2.157 billion, a growth of 33%, and also made strong progress in the liquidity increase by 68% from year to year, to 1,630 billion AED During the first nine months of 2018.

The increase was in the third quarter of this year, with margins before taxation, amortization and depreciation by an increase of 13% from 11% in the same period last year.

Total fuel sales during this period amounted to 7.179 billion liters, representing a decrease of 2.3% compared to the same period last year.

Retailers in ADNOC Distribution were on the rise in the third quarter of 2018 compared with the results of the second quarter due to management initiatives that helped improve customer experience, leading to increased demand for stores.

Saeed Mubarak Al Rashidi, Acting Director of ADNOC Distribution, said: "The results of the third quarter of 2018 confirm the success of ADNOC Distribution in an effort to achieve its ambitious strategy, which managed to achieve and maintain strong financial results through operational excellence, innovation and financial efficiency They have well supported the three pillars of their strategy, which include: petroleum products, oil and initiatives to increase financial efficiency.

"The commitment of the company to improve customer experience by providing products and services of its choice, providing them with comfort and providing quality products at the same time focusing on improving financial results, resulted in this positive phase and achieved these strong results.

"As ADNOC Distribution continues to strengthen our competitive position on the market, it will continue to be committed to our stakeholders to work on transforming ADNOC into a company with outstanding performance, a clear business world and strength and implementing its highest-level implementation strategy. Discipline is based on increased revenue and efficiency in the allocation of capital.

"ADNOC Distribution will continue to deliver robust financial results supported by improved profit margins and increased financial efficiency of operating costs. During the first nine months of 2018, the company witnessed a strong overall performance, with the retail sector contributing to pre-tax, depreciation and depreciated 54% and achieved an increase in fuel sales by 3% for the companies. He expressed confidence that the company will be able to implement the business plan for 2018 and beyond, as it is constantly moving to consolidate oj position as a fuel company and world-class retailers.

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