Revenues went up due to continued volume growth and higher oil prices
ADNOC Distribution’s profits rose 1.3 percent to AED 1.8 billion ($490 million) in 2017 from AED 1.78 billion ($484.4 million) in 2016, according to unaudited preliminary financial results released on Wednesday.
According to the statement, earnings per share in 2017 stood at AED 0.144 per share, compared to AED 0.142 per share in 2016.
Revenue went up 11.8 percent to AED 19.76 billion ($5.38 billion), compared to AED 17.67 billion ($4.81 billion), while total assets in 2017 were AED 12.2 billion ($3.32 billion), compared to AED 11.44 billion ($3.1 billion) in 2016, driven by continued volume growth and higher oil prices.
Additionally, the company’s gross profit margin rose 4.7 percent from AED 4.23 billion ($1.15 billion) in 2016 to AED 4.43 billion ($1.21 billion) in 2017, which the company attributes to higher average fuel margins.
The company’s audited financial results will be released on February 25.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.