Tuesday , June 22 2021

AIC 1,682 billion ADNOC in the nine months of 2018

ADNOC Distribution (ADNOC) for the nine months ended September 30, 2018, net profit was AED 1,682 billion, an increase of 28% over the same period last year.

The company, the leading UAE fuel and retail retailer, increased its AED by AMD 2,157 billion, up 33% more, before tax, amortization and amortization, and significantly advanced its liquidity increase by 68% year-on-year, reaching AED 1,630 billion in 2018 in months.

The increase was in the third quarter of this year, and before taxes, depreciation and amortization spreads increased to 13% from 11% in the same period last year.

Total fuel sales during this period amounted to 7,179 billion liters, which is by 2.3% less than in the corresponding period of the previous year.

Retail sales in the ADNOC distribution market experienced an increase in the third quarter of 2018 compared with the results of the second quarter, thanks to management initiatives that helped improve customer experience, thereby increasing the demand for stores.

Said Mubarak Al Rashidi, Executive Director of ADNOC Distribution, said: "The results of the third quarter of 2018 confirm the efforts of ADNOC Distribution to achieve an ambitious strategy to achieve and maintain sound financial performance thanks to excellence, innovation and financial efficiency. The three pillars of the strategy were well supported: oil products, oil products and initiatives to increase financial efficiency.

"The commitment of the company to improve customer experience by offering products and services of their choice, providing them with comfort and providing them with high quality products, while focusing on improving financial performance, has led to this positive step and achieved these remarkable results.

"As ADNOC's distribution continues to strengthen our market competitiveness, we will continue to be committed to our stakeholders by working to transform ADNOC for outstanding performance, clear business awareness and resilience through its highest-standard implementation strategy. The discipline is based on higher revenue and the efficiency of capital allocation.

ADNOC Distribution will continue to provide robust financial results supported by higher profit margins and improved financial efficiency of operating costs. In the nine months of 2018, the company experienced a major general performance and the retail sector contributed to a 54% increase in input, amortization and amortization gains and achieved a 3% He said he was confident that the company would be able to implement a business plan for 2018 and beyond as it will steadily advance to strengthen the position of its fuel company and world-class retailers.

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