ADNOC Distribution reports 2% year-on-year increase in net profit excluding inventory movements to Dh1.03b

ADNOC Distribution reports 2% year-on-year increase in net profit excluding inventory movements to Dh1.03b

The company reported a 9 per cent year-on-year increase in underlying EBITDA, reaching Dh1.57 billion in H1-2023. The net profit, excluding inventory movements, also grew by 2 per cent year-on-year, amounting to Dh1.03 billion, driven by higher fuel volumes and efficiency improvements across the company.

Total fuel volumes in the UAE and Saudi Arabia surged by 9 per cent in H1-2023 compared to H1-2022. Retail fuel volumes, which make up about 70 per cent of the total, experienced an 8 per cent year-on-year increase. The corporate fuel volumes surged 12 per cent year-on-year increase, thanks to strategic efforts to strengthen the commercial business portfolio.

The Company’s non-fuel retail business’ gross profit surged more than 12 per cent year-on-year in the first half of the year, driven by a 14 per cent increase in transactions and achieving a record-high conversion rate in convenience stores. Management's initiatives to boost food and beverage sales, offer customer-centric solutions in line with the non-fuel strategy, and introduce innovative products and services contributed to this growth.

ADNOC Distribution leveraged AI and data analysis to enhance the customer experience, leading to personalized offers through the ADNOC Rewards program, which now boasts over 1.7 million members. Additionally, the company revitalized ADNOC