ADNOC Distribution reports Dhs2.4 billion net profit

ADNOC Distribution reports Dhs2.4 billion net profit

During the year, ADNOC Distribution opened 64 new stations. File ADNOC Distribution on Monday today reported that its net profit for the fourth quarter of 2020 grew to Dhs851 million, with underlying EBITDA (EBITDA excluding one-offs and inventory gains/losses) of Dhs1. 1 billion. For the year 2020, net profit was Dhs 2. 4 billion, while underlying EBITDA stood at Dhs3. 6 billion. ADNOC Distribution has maintained a strong balance sheet as of 31st December, 2020, and remained well-positioned to expand both its domestic and international portfolio in-line with its smart growth strategy, as well as meet its dividend commitments. As of 31st December, 2020, the company's liquidity was at Dhs5. 6 billion in the form of Dhs2. 8 billion in cash and cash equivalents and Dhs2. 8 billion in unutilized credit facilities. Following a 24 percent quarter-on-quarter increase in total fuel volumes in Q3 2020, volumes for the fourth quarter of 2020 increased 2 percent compared to the third quarter of 2020. During the year, ADNOC Distribution opened 64 new stations, ahead of its guidance to the market of 50-60 new stations; a rate of delivery ten times that of 2019. There was a significant increase in ADNOC Distribution's network