Adnoc Distribution's second-quarter net profit surges 71% on revenue boost

Adnoc Distribution's second-quarter net profit surges 71% on revenue boost

Adnoc Distribution, the UAE’s largest fuel and convenience retailer, said its second-quarter net profit surged 71 per cent as revenue rose on the back of strong growth in fuel sales.

Net profit for the three months to the end of June rose to Dh891 million ($242.61m), the company said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.

Revenue for the reporting period jumped 72 per cent to Dh8.63 billion, driven by higher fuel selling prices amid a rise in crude prices globally. Higher volumes of fuel sold, as well as a rise in non-fuel business, also supported quarterly revenue.

Net profit for the first six months of the year rose to Dh1.56bn, up 35.6 per cent from the same period last year. Half-yearly revenue surged more than 65 per cent to Dh15.3bn over the prior year period.