Adnoc Distribution’s Q3 2018 net profit rose 55 percent to AED 558 million ($151.91 million), boosted by strong revenues and a significant drop in expenditures, the company announced on Thursday.
In a statement, the company said that revenue rose 24 percent to AED 5.96 billion ($1.62 billion) compared to Q3 2017, while capital expenditures fell by 77.6 percent, including AED 696 million ($189.48 million) of assets acquired from Adnoc Refining.
“Our third quarter results confirm that we continue to deliver on our strategy, delivering and sustaining robust financial results through our focus on operational excellence, innovation and cost efficiency,” said Adnoc Distribution Acting CEO Saeed Mubarak Al Rashdi.
“We have made significant progress across all three pillars of our strategy – fuel, non-fuel and cost-efficiency initiatives.”
Additionally, the company’s net profit for the first nine months of 2018 rose 28 percent to AED 1.67 billion ($454.65 million) compared to the first nine months of last year, while revenue increased 19 percent to AED 16.9 billion ($4.6 billion). Capital expenditures in the first nine months of the year fell by 61 percent.
Adnoc Distribution deputy CEO John Carey said that the company “continues to demonstrate strong and profitable performance supported by improved margins and continued cost focus.”
“We have seen good momentum across our businesses, led by a 54 percent increase in EBITDA in our retail segment and a 3 percent increase in volumes sold by our corporate sales segment in the first nine months of 2018,” he said.
“We remain confident on the delivery of our business plan for 2018 and beyond, and we are well on our way to making Adnoc Distribution a world-class fuels an convenience retailer.”For all the latest retail 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.
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