ADNOC Distribution Q1 net profit drops 30%

ADNOC Distribution Q1 net profit drops 30%

Customer uptake of the ADNOC Distribution Wallet, which includes Mobile Pay as well as the ADNOC Rewards program, increased by more than 100,000 users in the first quarter of the year to over 730,000 users.. The company's retail fuel business posted gross profit growth of 13.1% 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% in the quarter, due mainly to the business impact of COVID-19 in March, commercial fuel volumes remained stable year-on-year.. During its recent General Assembly meeting, held virtually, ADNOC Distribution announced that its 2020 dividend policy is set to continue with an increase of 7.5% to AED 2.57 billion, after a 62% increase in the 2019 dividend to AED 2.39 billion..