2023-11-10 22:06:25
Yesterday, ADNOC Distribution announced its financial results for the third quarter of this year, recording a 28% increase on an annual basis in profits, before deducting interest, tax, depreciation and amortization, to reach 1.1 billion dirhams, with an increase in net profits of 9% on an annual basis. , reaching 835 million dirhams, which represents one of the company’s strongest quarterly results since the initial public offering.
These strong results are supported by the growth of fuel quantities and the non-fuel retail sector, in addition to initiatives to improve operational efficiency in all sectors of the company, and increase the contribution of its international operations.
The company reported in a statement that it recorded an increase of 21% on an annual basis in the total quantities of fuel sold in the Gulf Cooperation Council region (the UAE and Saudi Arabia), by 5% on a quarterly basis, noting that this increase is driven by the continuous expansion of the company’s station network, and the recovery Economic activity and mobility in the region.
In the third quarter of 2023, the company achieved strong cash flows amounting to 1.447 billion dirhams, and it also maintained a strong balance sheet at the end of the third quarter of the year, as the net debt to earnings before interest, taxes, depreciation and amortization ratio reached 0.67 times, which enhances the company’s growth prospects and returns. Shareholders. During the third quarter of 2023, the company achieved continuous growth in the non-fuel retail sector, recording a 14% year-on-year increase in non-fuel transactions, with an increase in the sector’s profitability and the rate of conversion from fuel to retail stores to 24%, compared to 21%. For the third quarter of 2022.
ADNOC Distribution CEO, Engineer Badr Saeed Al Lamki, said: “The positive results we achieved during the third quarter confirm the continued growth of our business and the strengthening of the fuel retail and non-fuel retail sales sectors, by recording one of the strongest quarterly results since the initial public offering.”
He added: “These strong results come thanks to our commitment to achieving value and providing remunerative returns to our shareholders, through implementing our smart growth strategy, including expanding our business network locally and internationally, improving operational efficiency and investing in growth, and the company adopting the latest technologies in all its operations, to provide the best experiences.” And services to customers.
New stations
ADNOC Distribution continued to expand its station network by opening 12 new service stations during the third quarter of 2023, following opening 16 service stations in the first half of the year, bringing the total number of its stations to 828 service stations, including 585 service stations in the UAE and Saudi Arabia.
After opening 28 new stations during the first nine months of this year, the company achieved its goal for 2023 of adding between 25 and 35 new service stations, while it expects the expansion of its network to continue during the last quarter of 2023 and beyond. During the third quarter of 2023, the first three service stations bearing the “ADNOC” brand were opened in Egypt, and six more stations belonging to “ADNOC Distribution” are scheduled to open by the end of the year.
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