ABU DHABI, 16th May, 2018 (WAM) -- ADNOC Distribution has released its financial results for the first quarter of 2018, with strong double-digit growth in net profit and EBITDA as well as impressive growth in gross profit in its convenience store business.
Gross profit for the period increased 14.3% compared to the same period last year to AED 1.185 billion, EBITDA has grown by 24.9% to AED 702.8 million, and net profit was AED 542.2 million, up by 12.1% compared to the first quarter of 2017.
In addition, a strong discipline of cost efficiency has been further embedded across the business in the first quarter, which puts the company on track to hit its cost reduction target for 2018.
ADNOC Distribution's Acting CEO, Saeed Mubarak Al Rashdi, said: "ADNOC Distribution’s first quarter results illustrate a company that is financially strong and has laid a solid foundation for further growth, with its fuel, non-fuel and cost efficiency initiatives. A strong and profitable ADNOC Distribution is good for shareholders, but it’s also good for customers and the UAE as it allows the company to continue investing in critical infrastructure, technology and human capital that supports the country’s development."
ADNOC Flex, which introduces a greater choice of fueling services, has launched successfully and will be rolled out throughout the UAE in Q2 and Q3. ADNOC Distribution’s convenience store revitalisation plans are bearing fruit and the company’s first of ten Geant Express stores, providing an improved experience, an entirely new design and product mix, has opened in Abu Dhabi earlier this month. The other nine stores will open at existing ADNOC Distribution sites during the second and third quarters of this year.
ADNOC Distribution's Deputy CEO, John Carey, commented: "As a management team, we will continue focusing on enhancing our customers’ experience across all parts of our business. By providing more choice to our fuel customers through ADNOC Flex, by further improving our convenience store offering, partly through agreements with famous brands like Geant, and by being more cost efficient, I am confident that we will continue to see profitable growth."