In the first quarter of 2021, ADNOC Distribution delivered a strong financial performance with retail fuel gross profit growing by 12.6% year-on-year.
ADNOC Distribution delivered a strong financial performance, with EBITDA of $222 million, and a net profit of $172Â million, driven by an improvement in margins, and OPEX efficiencies made in the quarter, the company said in a statement on Monday.
Throughout the first quarter of 2021, ADNOC Distribution’s operational expenditure (excluding depreciation) decreased by 6.5% compared to the same quarter last year as part of the company’s drive to enhance operational efficiencies. Reduction in operating costs was achieved despite growth in the company’s retail network and were driven by management initiatives to optimise OPEX across business units.
ADNOC remains well-positioned to expand both its domestic and international portfolio in line with its smart growth strategy. As of 31 March, 2021, the company’s liquidity was at $1.39 billion in the form of $626 million in cash and cash equivalents and AED2.8$762 million in an unutilised credit facility.
During the first quarter of 2021, ADNOC Distribution continued to deliver on its smart growth strategy, to bring modern, digitally-enabled fuel retail convenience to customers domestically and internationally, with the opening of four new stations in the UAE. Of the four stations, two were ‘ADNOC On the go’ neighbourhood stations, designed to provide increased customer convenience and meet the needs of previously underserved locations.
The company intends to accelerate delivery momentum and remains on track to meet its guidance to open a total of 70 to 80 new stations across the UAE and KSA by year-end, of which 30-35 are expected to be opened in the UAE.
