631 million dirhams, ADNOC Distribution, quarterly profits – economic – UAE economy

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ADNOC Distribution achieved a net profit of 631 million dirhams in the first quarter of this year, and the company kept generating strong cash flows of 835 million dirhams, the basic profits before deduction of interest, tax, depreciation and amortization amounted to 740 million dirhams, and during the first quarter, ADNOC Distribution became »The world’s first retail fuel company to feed 100% of its frontline employees, with more than 10,000 employees choosing to take the first dose of the vaccine.

The company’s fuel distribution sector recorded a strong operating performance, as total retail fuel sales profits increased by 12.6% year-on-year in the first quarter, driven by higher margins, and operating expenses (excluding consumption expenses) decreased by 6.5% compared to the same period of the previous year. This despite the expansion of the network of retail stations.

The company maintained its strong financial position with a strong balance sheet, which qualifies it to continue its efforts to expand locally and internationally. The company’s liquidity amounted to 5.1 billion dirhams, including 2.3 billion dirhams in cash and cash equivalents, and 2.8 billion dirhams in the form of unused credit facilities.

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