ADOC Distribution profits increase to $ 320 million in the first half of 2019

ADNOC Distribution, a subsidiary of the national oil company of Abu Dhabi (ADNOC), jumped 4.3% from one year to the next in the first half of this year to reach 1.17. billion dirhams ($ 320 million).

Free cash flow (EBITDA, net of investments) increased by 21% year on year to AED 1.345 billion (US $ 370 million) in the first half of 2019.

In the second quarter of this year, EBITDA amounted to AED 750 million (USD 204 million), with a net profit of AED 595 million (AED 162 million), representing a growth of 1.3% and 2.2% respectively compared to the second quarter. From 2018.

EBITDA (excluding the appreciation of inventories) increased by 11% compared to the same period last year, reaching AED 1.364 billion (USD 371 million), thus benefiting from an improvement in operational efficiency and positive results from the company's special program. Refurbished retail stores.

Saeed Mubarak Al Rashidi, Acting CEO of ADNOC Distribution, said: "In the second half of this year, the company is accelerating the expansion of its local network, particularly in Dubai, and expanding its non-oil partnerships to provide exceptional services to its customers. "

"Our priorities continue to be focused on growing our business and growing shareholder returns, supported by our progressive dividend distribution policy." Taxes and depreciation less capital expenditure by 2023 ".

"ADNOC Distribution once again demonstrated its ability to achieve profitable long-term growth supported by a broader range of products and services, improved experience and better service.

The company's retail renovation program is in line with the plan and has helped improve the customer experience with regards to purchases, as well as overall margins and average size of baskets have increased by 6 , 8% in the first half of 2019 compared to the same period of the previous year.

Total non-oil profits for the first half of 2019 increased by 10% compared to the first half of 2018. The company's profitability continued to grow, while the EBITDA margin for the first half of 2019 increased by 14, 4%, against 13.2%. Compared to the same period last year.