Adnoc Distribution reports Dhs551m net profit in Q1
- 13 May 2023
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 period last year, mainly driven by the Company’s efforts to strengthen its commercial business portfolio through its business development and Customer Relationship Management programs.
Eng. Bader Saeed Al Lamki, CEO, Adnoc Distribution, commented: “We focused our efforts during the first quarter of 2023 on streamlining operations across our local and international network while ensuring our cross-border teams were well-equipped to sustain the delivery momentum of our growth trajectory through 2023 and beyond. At the same time, we maintained a healthy cash flow generation and strong financial position to deliver incremental shareholder value through efficient capital allocation.”
WAM
