ADNOC Distribution company announced that it’s EBITDA ( Earnings Before Interest, Taxes, Depreciation, and Amortization ) for Q1 2021 is AED 740 million, with net profit of AED 631 million, a press release reported.
An increase by 12.6% year on year (YoY) in its retail fuel profits was also marked in the report . The company owed these results to an improvement in margins and efficient operating expenses (OPEX) made during the quarter.
ADNOC managed to open four new stations in UAE and intends to meet its guidance to open total of 70 to 80 new stations across the UAE and Saudi Arabia by the end of 2021. The company remains well positioned to maximize its domestic and international portfolio in line with its smart growth strategy.
Ahmed Al Shamsi, Acting Chief Executive Officer of ADNOC Distribution said “Throughout the first quarter of 2021, we made a significant achievement through the vaccination of 100% of our frontline employees, and I am extremely proud of their dedication to always upholding the highest standards of HSE. In addition, we have continued to build on our success in 2020, to record a strong financial performance. This has provided the Company with ample liquidity to pursue future growth opportunities, be they organic or inorganic in domestic and international markets.”
Al Shamsi added “Our strength is only possible due to the continued dedication of all our employees, and we are grateful to our frontline colleagues, who play a vital role in ensuring the continued provision of services to our customers. We have progressed our smart growth strategy in the first quarter and have ambitious targets for 2021, including the opening of 70 to 80 new stations across domestic and international markets. Our focus on creating shareholder value continued in the first quarter of 2021 and we remain committed to providing strong dividend visibility.”