Adnoc Distribution reports $248m net profit in H1

Adnoc Distribution reports $248m net profit in H1

Adnoc Distribution has reported that its first half 2020 underlying earnings before interest, tax, depreciation and amortisation (EBITDA) stood at AED1.422 billion ($387 million), with net profit at AED910 million ($248 million).

For the second quarter, underlying EBITDA was AED793 million with net profit of AED511 million, a company statement said on Thursday.

Although the Covid-19 pandemic caused unprecedented market conditions in the first half of the year, the company remained resilient, delivering a 7.6 percent 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 June 30, 2020, the company's liquidity was at AED5.2 billion in the form of