Adnoc Distribution profits increase 8.2% to $653.5m in 2020 - Arabianbusiness

Adnoc Distribution profits increase 8.2% to $653.5m in 2020 - Arabianbusiness

UAE fuel and convenience retailer Adnoc Distribution’s net profits totalled $653.5m in 2020, an 8.2 percent increase compared to 2018, despite the continued economic uncertainty caused by the coronavirus crisis.

The increase was achieved despite revenues dropping by 24.4 percent over the last year, from $5.8 billion to $4.4bn.

In a statement on Monday, the firm reported that EBIDTA (earnings before interest, tax, depreciation and amortisation) rose 12.3 percent to $868m.

Ahmed Al Shamsi, acting chief executive officer of ADNOC Distribution, said: “We set ambitious growth targets for 2020 and it is testament to our resilient business model that we not only met, but exceeded guidance in terms of both new station openings and convenience store refurbishments.”