ADNOC Distribution, a subsidiary of the Abu Dhabi National Oil Company (ADNOC), reported a 4.3% net profit increase during H1 2019 to around $319.4 million (AED 1.173 billion), according to Emirates News Agency (WAM).
The company also achieved $366.2 million free cash flows, or earnings before interest, taxes, depreciation, and amortization (EBTIDA) minus capital expenditure (CAPEX), during the same period, increasing by 21% Year-on-Year.
“During the remainder of 2019, we are focused on the acceleration of our domestic network expansion, particularly in Dubai, and the growth of our non-fuel business to provide a superior experience to our customers,” Acting CEO, Saeed Mubarak Al-Rashdi, commented.
“We intend to boost top-line growth in both our fuel and non-fuel businesses, and have targeted in excess of AED 3.67 billion of EBITDA by 2023,” he added.
Last year, ADNOC Distribution became the first fuel retailer in the UAE to serve across the country’s seven emirates.
Al-Rashdi previously revealed the company’s expansion plan over the next five years, with the target of establishing a total of 75 new stations, with 15 new stations per year.