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Wed 1 May 2019 04:03 PM

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UAE fuel retailer posts net profit rise to $157m in Q1

Adnoc Distribution, which manages 379 retail fuel stations in the UAE, reports 6.6% increase in first quarter net profit

UAE fuel retailer posts net profit rise to $157m in Q1
Adnoc Distribution’s UAE network has reached 379 retail fuel stations.

Adnoc Distribution, the UAE’s largest fuel and convenience retailer, on Wednesday reported a 6.6 percent rise in first quarter net profit to AED578 million ($157.3 million) compared to the same period last year.

During Q1, Adnoc Distribution’s UAE network reached 379 retail fuel stations, with the addition of three new stations, while the company’s convenience store network reached 252, including 14 Géant Express convenience stores.

It said in a statement that Q1 non-fuel gross profit increased by 9.2 percent compared to Q1 2018, with an uplift in average basket size by 13.2 percent.

Adnoc Distribution’s acting CEO, Saeed Mubarak Al Rashdi, said: “Thanks to an unwavering focus on our customers and the resilience of our business model, we are off to a solid start in 2019.

"Our first quarter results confirm our ambition to sustain strong financial performance through operational excellence and premium customer service.”

He added that the company remains focused on accelerating growth plans this year "in response to strong international investor interest" and will host its first-ever Capital Markets Days in London and New York this month.

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