Adnoc Distribution reports 14% drop in Q2 profits - Arabianbusiness

Adnoc Distribution reports 14% drop in Q2 profits - Arabianbusiness:

Adnoc Distribution reported a 14% drop in Q2 net profit, which was largely attributed to lockdown and movement restrictions that resulted in a drop in fuel volumes. 

The fuel and convenience retailer reported a second quarter profit of  AED 511 million ($139m), and revenues of AED3 billion ($816m), down 45% on last year. 

Ahmed Al Shamsi, Acting CEO of Adnoc Distribution, said fuel volumes have recovered since movement restrictions were lifted - 90% in July compared to the same period last year. 

"Despite the challenging market conditions, we have continued to ensure access to our services, and introduced increased convenience. We have seen fuel volumes recover in line with the easing of movement restrictions," Al Shamsi said.