ADNOC Distribution posts Q2 net profit of $139 million

ADNOC Distribution posts Q2 net profit of $139 million

ADNOC Distribution reported that its first half 2020 underlying EBITDA stood at $387 million (AED 1,422 million), with net profit at $247 million (AED 910 million). For the second quarter, underlying EBITDA was $216 million (AED 793 million) with net profit of $139 million (AED 511 million).Although the COVID-19 pandemic caused unprecedented market conditions in the first half of the year, the company delivered a 7.6% increase in underlying EBITDA for the first six months of 2020, compared to the first half of 2019.ADNOC Distribution maintains a robust balance sheet and remains well-positioned to expand both its domestic and international portfolio in-line with its smart growth strategy. As of 30 June 2020, the company's liquidity was at $1.42 billion (AED 5.2 billion)