ADNOC Distribution, the UAE’s largest fuel and convenience retailer, reported an increase of 2.3% year-on-year (YoY) in net profit during the first nine months of 2019, to stand at AED 1.72 billion.

According to the firm’s statement published on Zawya, ADNOC’s underlying EBITDA (excluding inventory gains) grew to AED 2.06 billion in the first nine months of 2019, representing a 10.6% hike when compared with the same period a year earlier. Also, the EBITDA margin has shown continued momentum, reaching 13.7% in the first nine months of 2019, up from 12.7% during the same period last year.

During the Q3 of 2019, ADNOC announced that underlying EBITDA (excluding inventory gains) grew to AED 698 million, recording an increase of 10.0% compared to the Q3 of 2018, driven by higher volumes and improved cost efficiencies. Similarly, the total fuel volumes sold increased by 3.9% YoY, driven by improvements in the core retail markets of Abu Dhabi and the Northern Emirates, as well as contributions from new stations in Dubai and growth in commercial volumes.