ADNOC Distribution Q1 net profit down 31%

  • Date: 12-May-2020
  • Source: Gulf Business
  • Sector:Financial Markets
  • Country:UAE
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ADNOC Distribution Q1 net profit down 31%

ADNOC Distribution, the UAE's largest fuel and convenience retailer, reported a net profit of $109m in the first quarter of the year, down nearly 31 per cent from $157m in the corresponding period last year.. It attributed the decrease in net profit to "revaluation of current inventory stock in the commercial business, following lower oil prices, and prudent provisioning in the current environment.". It stated that 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..