ADNOC Distribution delivers strong operating performance and growth in underlying profitability in H1 2023 to AED1.57 billion

ADNOC Distribution delivers strong operating performance and growth in underlying profitability in H1 2023 to AED1.57 billion

ABU DHABI, 4th August, 2023 (WAM) – ADNOC Distribution today announced its first half 2023 results, reporting a 9% year-on-year increase in underlying EBITDA to AED1.57 billion, and a 2% year-on-year increase in net profit excluding inventory movements to AED1.03 billion, driven by higher fuel volumes and company-wide efficiency improvement initiatives.

The Company continued to maintain a strong balance sheet, with a net debt to EBITDA ratio of 1.13x at the end of the first half of the year. Its financial position remained strong with liquidity of AED 4.7 billion at the end of the period.

Strong Operating Performance

ADNOC Distribution experienced a notable year-on-year growth in total fuel volumes in the UAE and Kingdom of Saudi Arabia, witnessing a 9% increase in H1 2023 compared to H1 2022. Retail fuel volumes, which account for about 70% of the total volumes, increased by 8% year-on-year. The Company’s corporate fuel volumes recorded sustained growth, achieving a substantial 12% year-on-year increase, underpinned by the management’s efforts to strengthen the commercial business portfolio.

Eng. Bader Saeed Al Lamki, CEO of ADNOC Distribution, said: “ADNOC Distribution has delivered robust results in the first half of the year, driven by strong operating performance and efficiency improvement initiatives across the