ADNOC Distribution’s Q1 net profit jumps 5.5% to Dhs551m

ADNOC Distribution’s Q1 net profit jumps 5.5% to Dhs551m

UAE’s ADNOC Distribution said its first-quarter net profit surged by 5.5 per cent year-on-year (YoY) to $150m (Dhs551m), driven by higher fuel volumes and efficiency improvement measures across all operations and businesses. Quarterly, the energy provider said its net profit soared 19.4 per cent while free cash flow in the first three months of the year stood at Dhs1.04bn. The company’s total fuel volumes for the UAE and Saudi Arabia rose by 8 per cent YoY in Q1 2023, supported by the continued rebound in economic activity and network expansion across the UAE. said retail fuel volumes – which account for 65 per cent of sales – increased by 5.5 per cent YoY while corporate fuel volumes jumped by 21 per cent increase compared to the same period a year earlier, driven by the initiatives being implemented by the company to bolster its commercial business portfolio through its business development and customer relationship management programs. The company’s non-fuel business continued to gain momentum during the first quarter of 2023 with an 11 per cent YoY increase in recorded transactions and a 9 per cent YoY growth in non-fuel gross profit, supported by a series of marketing campaigns and customer-centric initiatives