UAE: Adnoc Distribution net profit surges to $150 million

UAE: Adnoc Distribution net profit surges to $150 million

Published: Thu 9 May 2024, 3:59 PM

Adnoc Distribution, the UAE’s largest fuel and convenience retailer, said on Thursday that its first quarter net profit saw a robust 13 per cent year-on-year increase to $165 million.

The fuel retailer reported an 18 per cent year-on-year increase in its earnings before interest, taxes, depreciation and amortisation (Ebitda) to $248 million, “demonstrating that the company remains firmly on track to achieving the goals outlined in its new five-year strategy.”

The growth follows sustained momentum in both fuel and non-fuel retail segments in Q1, including developments in Adnoc Distribution’s pipeline of more than 20 Artificial Intelligence (AI)-driven initiatives, such as Fill and Go and the Fuel Demand AI Model, aimed at accelerating growth and enhancing operational efficiencies, the company said in a statement.

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The company also reported a strong non-fuel gross profit increase of 16 per cent year-on-year to $55 million. It maintained a strong balance sheet with a net debt-to-Ebitda ratio of 0.50 times, reinforcing its strong financial position and enabling the Company to invest in growth and deliver attractive shareholder returns.

Bader Saeed Al Lamki, CEO of Adnoc Distribution, said the robust first-quarter