Abu Dhabi: ADNOC Distribution, the UAE’s largest fuel and convenience retailer, on Sunday reported that its first half 2019 net profit increased by 4.3 per cent, to Dh1.173 billion, compared with the same period last year.
Free cash flow (Earnings before interest, tax, depreciation and amortization (EBITDA) minus capital expenditures) generation was up 21 per cent year-on-year to Dh1.345 billion in the first half of 2019. For the second quarter of 2019, EBITDA was Dh750 million and net profit was Dh595 million, up 1.3 per cent and 2.2 per cent, respectively, compared to the second quarter of 2018.
Excluding inventory gains, underlying EBITDA for the first half of 2019 grew by 11 per cent compared to the first half of 2018, to Dh1.364 billion, driven by improved cost efficiencies and the positive results of the company’s convenience store revitalization programme.
Non-fuel retail gross profit increased by 10 per cent in the first half of 2019 compared to the first half of 2018. The company’s EBITDA margin has also shown continued momentum, reaching 14.4 per cent in the first half of 2019, up from 13.2 per cent during the same period last year.