UAE: ADNOC Distribution Eyes Expansion In Saudi Arabia
UAE: ADNOC Distribution Eyes Expansion In Saudi Arabia
Abu Dhabi-based ADNOC Distribution is eyeing expansion in Saudi Arabia after reporting a 57.9 percent year-on-year increase in first quarter net profit to 631 million dirhams ($171.8 million).
Although ongoing mobility restrictions capped fuel sales, gross profit still gained more than 19 percent to 1.3 billion dirhams, it said in a filing.
The Abu Dhabi-listed company also optimized operational efficiencies during the quarter, helping it maintain a strong cash flow of 835 million dirhams.
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