Adnoc Distribution reports Dhs551m net profit in Q1 – Gulf Today

Adnoc Distribution reports Dhs551m net profit in Q1 – Gulf Today

Photo used for illustrative purpose.

Adnoc Distribution announced its first quarter 2023 results, reporting a 5.5 per cent year-on-year and 19.4 per cent Quarter-on-Quarter increase in net profit excluding inventory movements to Dhs551 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 Dhs1,048 million during the period.

Total fuel volumes for the UAE and KSA increased by 8 per cent year-on-year during Q1 of 2023 supported by the continued rebound in economic activity and network expansion across the UAE. Retail fuel volumes - which account for c. 65 per cent of sales - increased by 5.5 per cent year-on-year. Additionally, corporate fuel volumes witnessed strong growth during the first quarter (Q1) of the year with a 21 per cent increase compared to the same