ADNOC Distribution achieved 4.7% growth in basic earnings before interest, tax, depreciation and amortization during the first quarter of 2020 to reach 629 million dirhams.

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According to the Emirates News Agency, the net profit reached 400 million dirhams, according to the quarterly financial results issued by the company.

The liquidity enjoyed by the company on March 31, 2020 amounted to 8 billion dirhams, including 5.2 billion dirhams in the form of cash and cash equivalents, and 2.8 billion dirhams In the form of unutilized credit facilities, in spite of the exceptional circumstances the market is going through and the difficulty of anticipating future conditions where ADNOC Distribution has a strong financial position and the liquidity necessary to overcome the effects imposed by the emerging Corona virus and ensure continued efforts to explore growth opportunities under the current conditions.

ADNOC Distribution also has the ability to achieve cash flows through free cash flows amounting to 533 million dirhams.

The company's performance during the first quarter of 2020 reflected great flexibility, as the basic profits before interest, tax, depreciation and amortization increased by 4.7% to reach 629 million dirhams compared to the same period of The previous year, while net profit decreased on an annual basis as a result of a revaluation of the inventory of commercial operations due to the decrease in oil prices and due to the adoption of financial allocations under the current circumstances with a total impact of 73 million dirhams on profits before interest, tax, depreciation, amortization and net profit, while the decrease is due to An annual basis as a result of an increase in the base period and no J had benefited from non-recurring financial recovery systems worth 132 million dirhams.

With regard to retail fuel sales, the company recorded a strong operating performance during the first quarter, and the total profits related to retail fuel sales increased by 13.1% during the first quarter on the basis of Annual, driven by the high margins and increase in the quantities of fuel sold during the first two months of this year, and despite the decrease in retail quantities of fuel by 1.9% during the month of March as a direct result of the emerging Corona Virus crisis, the quantities of fuel sold to the commercial sector have remained stable on an annual basis.

ADNOC Distribution emphasized that it continues to respond effectively and flexibly to the conditions and challenges associated with the outbreak of the new Corona virus, with a focus on the health and safety of its employees, customers, and the communities it serves, based on its outstanding performance and budget Strong, and its continued implementation of its smart growth strategy, including the opening of seven new plants during the first quarter of 2020.

ADNOC has responded efficiently and quickly to the needs of its employees and communities during the first quarter, and has taken many precautionary and precautionary measures and measures to maintain health and safety and protect customers and employees under the current conditions that It goes through the world as daily station cleaning operations, and free internal car sterilization operations with every machine wash. The company has also ...