Abu Dhabi: Adnoc Distribution posted a 12 per cent increase in net profit for the first quarter of 2018 due to strong performance from its fuel as well as non-fuel retail business, the company said on Wednesday.
The company’s net profit was Dh542.2 million for the first quarter of 2018 compared to Dh483.6 million during the same period last year.
Revenues of the company in the first quarter reached Dh5.15 billion as against Dh4.58 billion in the first quarter of 2017.
“Adnoc Distribution’s first quarter results illustrate a company that is financially strong and has laid a solid foundation for further growth, with its fuel, non-fuel and cost-efficiency initiatives,” Adnoc Distribution’s Acting CEO, Saeed Mubarak Al Rashdi, said in a statement.
“A strong and profitable Adnoc Distribution is good for shareholders, but it’s also good for customers and the UAE as it allows the company to continue investing in critical infrastructure, technology and human capital that supports the country’s development.”
The total fuel volumes sold in the first quarter reached 2.3 billion litres, up 0.9 per cent from the same period last year. In its non-fuel retail business, gross profit increased by 37.1 per cent, while average basket size, which measures the average amount each customer spent in the company’s convenience stores, rose by 12.5 per cent.
Listed on Abu Dhabi Securities Exchange, Adnoc Distribution has 362 retail fuel stations and 238 convenient stores spread across the UAE. The company plans to open one service station in Saudi Arabia in 2018 as part of its growth strategy.
