ADNOC Distribution reports $150.13mln in quarterly net profit

ADNOC Distribution reports $150.13mln in quarterly net profit

ABUDHABI - ADNOC Distribution today announced its first quarter 2023 results, reporting a 5.5% year-on-year and 19.4% Quarter-on-Quarter increase in net profit excluding inventory movements to AED 551 million, driven by strong performance and efficiency improvement measures across all operations and businesses.

The Company continued to maintain a strong balance sheet by recording a solid Free Cash Flow of AED 1,048 million during the period.

Strong volume growth

Total fuel volumes for the UAE and KSA increased by 8% year-on-year during Q1 2023 supported by the continued rebound in economic activity and network expansion across the UAE. Retail fuel volumes – which account for c. 65% of sales – increased by 5.5% year-on-year.

Additionally, corporate fuel volumes witnessed strong growth during the first quarter of the year with a 21% increase compared to the same period last year, mainly driven by the Company’s efforts to strengthen its commercial business portfolio through its business development and Customer Relationship Management programs.

Eng. Bader Saeed Al Lamki, CEO, ADNOC Distribution, commented: “We focused our efforts during the first quarter of 2023 on streamlining operations across our local and international network while ensuring our cross-border teams were well-equipped to sustain the delivery momentum of our growth trajectory through 2023