ADNOC Distribution net profit increases by 4.2% to $604.4mln in 2019 | ZAWYA MENA Edition

ADNOC Distribution net profit increases by 4.2% to $604.4mln in 2019 | ZAWYA MENA Edition:

ADNOC Distribution today announced that it reported that net profit for the fourth quarter of 2019 was AED496 million, an increase of 11.3 percent compared to same period last year. EBITDA for the fourth quarter of 2019 was AED658 million, an increase of 6.5 percent compared to the same period last year, driven by a solid operational performance in both fuel and non-fuel businesses.

A press statement issued by ADNOC Distribution on Wednesday added that total fuel volumes sold increased by 2.0 percent in the fourth quarter of 2019 compared to the fourth quarter of 2018, driven by a continued recovery in the company’s retail business, growth in its corporate business and supported by new marketing initiatives.

Growth in retail fuel volumes was driven by improvement in the core Abu Dhabi market, market share gains in the Northern Emirates following implementation of free assisted fueling (effective 3rd November 2019) and the contribution from new stations in Dubai. Non-fuel retail gross profit increased by 10.4 percent for the same period compared to Q4 2018.