Abu Dhabi National Oil Company (ADNOC) Distribution achieves net profit of AED 1.15 billion during H1 2021, while its earnings before interest, taxes, depreciation and amortization (EBITDA) stood at AED 1.53 billion during H1 2021, a press release issued by the company announced.
ADNOC added that it recorded net profit of AED 521 million during Q2 2021 and its EBITDA reached AED 712 million. The company said that these results were driven by higher fuel volumes, improvement in non-fuel and commercial gross profit margin and increased operational efficiencies made during H1 2021.
Bader Al Lamki, , ADNOC Distribution’s CEO said: “ADNOC Distribution’s second quarter and half-year results further reinforce the company’s growth story and its strong standing within the fuel retail sector. We have a steadfast focus to provide modern fuel retail convenience to customers, deliver on the company’s ambitious strategy, and build long-term shareholder value through the next phase of our growth.”
“These results reflect our focused drive towards delivering on our strategy, and sustained progress in all of our strategic pillars: fuel, non-fuel and cost-efficiency. We continue to make disciplined capital investments, achieving cost savings while growing our service station network, and maintaining high levels of safety, quality and customer experience,” Al Lamki added.
“I am extremely proud of our teams, who have adapted quickly to the new operating environment, while delivering on our long-term strategy. ADNOC Distribution is well-positioned to capitalize on a number of exciting opportunities and partnerships, both this year, and well into the future. This progress is made with safety and sustainability at its heart, highlighting our commitment to a sustainable future and focus on the safety and wellbeing of our community,” he concluded.