#UAE's ADNOC Distribution Q2 profit rises on higher fuel volumes | ZAWYA MENA Edition

UAE's ADNOC Distribution Q2 profit rises on higher fuel volumes | ZAWYA MENA Edition

UAE’s largest fuel and convenience retailer, ADNOC Distribution has reported its first half 2021 EBITDA at AED 1.53 billion ($420 million), with net profit of AED 1.15 billion. For the second quarter, EBITDA was AED 712 million with net profit of AED 521 million.

Higher fuel volumes, improvement in non-fuel and commercial gross profit margin and increased operational efficiencies made in the first half of 2021 helped in delivering good results, the company said.

Its Q2 revenue stood at 5.02 billion dirhams versus 3.02 billion dirhams in the same period last year.

The company will pay a dividend of AED 2.57 billion. The first six-month's dividend of 2021 (10.285 fils per share) is expected to be paid in October of this year, subject to board approval.