Abu Dhabi National Oil Company Distribution reported a 4.2 percent increase in revenue on the first half of this year compared to 2020 when Covid-19 had decimated global oil markets.
In the first half of 2021, ADNOC Distribution made AED9.3 billion in revenue, up from AED7.9bn in the first six months of 2020.
“I am extremely proud of our teams, who have adapted quickly to the new operating environment, while delivering on our long-term strategy. ADNOC Distribution is well-positioned to capitalize on a number of exciting opportunities and partnerships, both this year, and well into the future. This progress is made with safety and sustainability at its heart, highlighting our commitment to a sustainable future and focus on the safety and wellbeing of our community,” CEO Bader Al Lamki of ADNOC Distribution said.
We announced our H1 2021 financial results with an EBITDA of AED 1,528 million & a net profit of AED 1,152 million.
We have remained focused on our smart growth strategy, while safeguarding the health & safety of employees & customers.Read more: https://t.co/5xACGaLcMs pic.twitter.com/X7v8sl9TD2
— ADNOC Distribution (@ADNOCdist) August 10, 2021
ADNOC Distribution opened 12 new stations in the UAE in the first half of the year and also acquired 35 stations in Saudi Arabia.
In May 2021, ADNOC announced it placed approximately 375 million shares in ADNOC Distribution, representing an additional approximate 3 percent of the registered share capital of the company. The deal accounted for over half of the equity capital market activity in the Middle East and North Africa in the first half of 2021.
In July, the oil company invested over $760 million across three contracts as it plans to boost its production capacity to 5 million barrels per day by 2030.
ADNOC has invested $763.7m (AED2.8 billion) in integrated rigless services across six of its artificial islands in the Upper Zakum and Satah Al Razboot (SARB) fields. ADNOC Offshore awarded three contracts to Schlumberger, ADNOC Drilling, and Halliburton following a tender process.
Over 80 percent of the total award value will flow back into the UAE’s economy under ADNOC’s In-Country Value (ICV) programme over the five-year duration of the contracts.
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