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ADNOC Distribution (ADNOC) reported a net profit of AED 1,682 billion for the nine months ended September 30, 2018, an increase of 28% over the same period last year.
The company, the UAE's largest retailer of fuel and retailers, recorded an increase of AED 2,157 billion, representing a 33% growth, before depreciation and amortization, as well as a significant improvement in liquidity. % to reach AED 1,630 billion. During the first nine months of 2018.
The increase occurred in the third quarter of this year, with pre-tax, depreciation and amortization margins rising from 11% to 13% in the same period last year.
Total fuel sales during this period amounted to 7,179 billion liters, a decrease of 2.3% over the same period last year.
Retailers at ADNOC Distribution recorded a rise in transactions in the third quarter of 2018 compared to the results of the second quarter, due to management initiatives that helped improve the customer experience, resulting in an increase in the demand for the stores.
Saeed Mubarak Al Rashidi, Acting CEO of ADNOC Distribution, said: "The third quarter results of 2018 confirm the success of the efforts made by ADNOC Distribution to achieve its ambitious strategy, which has achieved and achieved to maintain strong financial results through operational excellence, innovation and financial efficiency Well has supported the three pillars of its strategy, namely: petroleum products, non-petroleum products oil companies and initiatives to improve financial efficiency.
"The company's commitment to improving the customer experience by offering the products and services of its choice, bringing them comfort and high quality products while putting the focus on the customer. improved financial results, led to this positive phase and the achievement of solid results.
"As ADNOC Distribution continues to strengthen its competitive position in the marketplace, it will continue to engage with its stakeholders in striving to transform ADNOC into a company with outstanding performance, endowed with Of indescribable fame and strength, and by implementing its strategy of enforcing the highest standards.The discipline is based on the improvement of revenues and the efficiency of the distribution of the capital.
"ADNOC Distribution will continue to deliver strong financial results, supported by improved profit margins and increased financial efficiencies in operating costs." In the first nine months of 2018, the company recorded solid overall performance, with the sector of retail sales that contributed to gains before taxes, depreciation and amortization 54% and achieved a 3% increase in fuel sales for businesses, expressing confidence that this will be able to implement the action plan set for 2018 and beyond, as it gradually consolidates its position as a world-class fuel distribution and retailer.
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