Abu Dhabi: ADNOC Distribution, the UAE’s largest fuel and convenience retailer on Wednesday reported a nine-month net profit of Dh1.58 billion.
The company’s underlying EBITDA [Earnings Before Interest, Taxes, Depreciation, and Amortization] for the first nine months of 2020 grew to Dh2.55 billion.
For the third quarter, underlying EBITDA was Dh1.13 billion, while net profit stood at Dh671 million. Free cash flow generation remained solid during the third quarter.
As of 30 September 2020, the company’s liquidity was at Dh6.8 billion in the form of Dh4billion in cash and cash equivalents and Dh2.8 billion in unutilised credit facility.
Since the end of June 2020, and following the initial COVID impact on transport mobility, ADNOC Distribution’s retail fuel volumes continue to show steady recovery. Volumes for Q3 2020 increased by 24 per cent as compared to the previous quarter, the company said in a statement.
Thirty-seven new stations were opened in the UAE as at the end of September 2020, 11 of which were in Dubai; a rate of delivery representing a six-fold increase in new station openings as compared to the same period in 2019. The Company remains on-track to deliver 50-60 new stations by full year 2020, of which 20-25 will be in Dubai. Following the announcement of its ‘On-the-go’ community station concept in November 2019, 25 ‘On-the-go’ stations were brought into operation in this first nine months of 2020, with more to come before the end of the year.
“ADNOC Distribution’s third-quarter results have continued to advance our strategic priorities of steady and sustainable growth, enhanced customer experience, and attractive capital returns for our shareholders. Our continued focus on innovation and accelerating our digital strategy, combined with steady recovery of fuel volumes, has bolstered our results throughout the first nine months of 2020,” said Ahmed Al Shamsi, Acting Chief Executive Officer of ADNOC Distribution.