ADNOC Distribution announces positive results for half year 2018
The UAE’s leading fuel and convenience retailer has seen positive overall results despite investment in site and brand expansion.
ADNOC Distribution, has reported that net profit for the six months ended June 30, 2018 increased by 18% to AED 1,124 million (USD 306 million).
EBITDA grew by 30% to AED 1,443 million, and gross profit rose by 24% to AED 2,609 million. Free cash-flow (EBITDA minus capital expenditures) generation was up 72% year-on-year to AED 1,111 million in the first half of 2018.
Quarter-on-quarter, the company has also shown continued momentum, with net profit for the second quarter of 2018 up 24% compared to the second quarter of 2017, gross profit for Q2 2018 increased by 33%, and gross profit margin rose to 25%, up from 22% during the same period last year.
“We have been able to achieve these costs savings while continuing to grow our service station network, and without impacting safety, quality and our customer experience,” said ADNOC Distribution Acting CEO, Saeed Mubarak Al Rashdi.
The company has launched two new retail brands – Géant Express convenience stores and Oasis Café coffee shops and bakeries, and opened eight new service stations and 10 new convenience stores since last year’s second quarter.
