Abu Dhabi's ADNOC Distribution Q2 profit rises | ZAWYA MENA Edition:
ADNOC Distribution today reported that its first-half 2019 net profit increased by 4.3 percent, to AED1.173 billion, compared with the same period last year.
Free cash flow (EBITDA minus capital expenditures) generation was up 21 percent year-on-year to AED1.345 billion in the first half of 2019. For the second quarter of 2019, EBITDA was AED750 million and net profit was AED 595 million, up 1.3 percent and 2.2 percent, respectively, compared to the second quarter of 2018.
Excluding inventory gains, underlying EBITDA for the first half of 2019 grew by 11 percent compared to H1 2018, to AED1.364 billion, driven by improved cost efficiencies and the positive results of the company’s convenience store revitalisation programme, which is on track and is contributing to improvements in gross margins and an uplift in average basket size by 6.8 percent in the first half of 2019 compared to the first half of 2018.
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