Abu Dhabi: Adnoc Distribution, the UAE’s largest fuel and convenience retailer reported strong fourth-quarter and full-year 2017 results and is undertaking a major transformation programme to improve performance even further.
Adnoc Distribution, which listed on the Abu Dhabi Securities Exchange in December, posted Dh1.8 billion in profit in 2017 on revenue of Dh19.8 billion, which jumped 11.8 per cent over 2016, the company said late Sunday evening.
In the fourth quarter of 2017, following a number of supply agreements with its parent and main shareholder, the company saw a 21.1 per cent jump in revenue and 6.8 per cent jump in profit compared to the same period in 2016.
In a statement posted on the Abu Dhabi Securities Exchange website, Adnoc Distribution also confirmed that it will distribute to shareholders a Dh735 million dividend, or Dh0.0588 per share, pending approval at its upcoming Annual General Meeting.
Adnoc Distribution’s acting CEO, Saeed Al Rashdi, commented: “Adnoc Distribution had a very successful year 2017, with an enhanced level of profitability and continued healthy margins. The Adnoc Distribution proposition is a powerful one for customers, investors and other stakeholders alike. Our market leading position, our comprehensive fuel distribution infrastructure, a respected and popular brand and the support of our parent company, Adnoc, have laid the foundations for the new management team, with its record of operational delivery, to achieve our ambitious plans and maintain our upward trajectory.”
He added that the fourth-quarter results, in particular, bode well for the company’s future.
“Our initiatives for 2018, covering fuel, non-fuel and cost efficiency, have been clearly identified and we are focused on improving choice, service and convenience for our customers. We have the momentum, expertise and support to deliver on this strategy and to continue our transition towards becoming a retail destination beyond just fuel.”