Adnoc Distribution announces Dhs400m net profit for Q1 2020 – Gulf Today

Adnoc Distribution announces Dhs400m net profit for Q1 2020 – Gulf Today

"The company continues to focus on ensuring the safety of its employees, customers and local communities as it responds to COVID-19 and, despite the challenging operating environment, remains resilient with a strong balance sheet, delivering on its smart growth strategy with seven new stations opened in Q1 2020," the statement noted.. The company's retail fuel business posted strong operational performance, with retail fuel gross profit growing by 13.1 per cent year-on-year in the first quarter, led by higher margins and volume growth in the first two months of the year.. Although retail fuel volumes declined by 1.9 per cent in the quarter, due mainly to the business impact of COVID-19 in March, commercial fuel volumes remained stable year-on-year.. "Despite the unprecedented market conditions and the uncertainties ahead, Adnoc Distribution remains in a strong financial position and is well placed to navigate the challenges posed by the COVID-19 pandemic," the company statement affirmed..