Adnok for distribution increases its profits of 58% in the first quarter

ADNOCE; "The ADNOC has grown in profits by 57.8%, with net profits amounted to AED 631 million during the first quarter of this year 2021, compared with the same period last year driven Improvement of margins and reduced operational expenditures, while profits were before deducting interest, tax, consumption and amortization 817 million dirhams with 46.9% growth.

The fuel distribution sector in the company also recorded strong operational performance, with total retail sales profits increased by 12.6% on an annual basis in the first quarter, driven by higher margins.

ADNOC has decreased operational expenses with the exception of consumption expenses by 6.5% compared to the same period last year. This comes within the framework of the company's efforts to enhance operational efficiency and has succeeded in reducing operating expenses, despite its expansion of the retail station, and is credited with reducing operating expenses to Initiatives taken by management to improve operational expenditures in all sectors of the company.

At the end of the first quarter of this year, ADNOC has maintained its strong financial position with a strong public budget, which qualifies them to continue its efforts to expand locally and internationally in line with its intelligent growth policy. The company's liquidity was AED 5.1 billion as at 31 March 2021, including 2.3 billion dirhams in cash and its equivalent, and 2.8 billion dirhams in the form of unused credit facilities.

ADNOC has continued to implement its intelligent growth strategy with a view to providing customers and communities at the local and international levels of retail sales services based on modern techniques, where the company opened four new service stations in the UAE, including ADNOC ON-GO, which was designed to provide Fuel refueling and small shops for residential neighborhoods.

The company also plans to accelerate its achievements and compliance with its plans to open 70-80 new stations in the UAE and Saudi Arabia by the end of this year, where 30-35 new stations are expected to be opened in the country.

In line with the ambitious company strategy to promote non-petroleum sales, ADNOC has invested in providing a modern and modern digital experience for its customers, where during the first quarter renewed a total of 14 ADNOC stores.

Such initiatives, which are increasingly focused on customers, have contributed to an increase in the average size of the purchases by 2.2% as at 31 March 2021 compared to the same period from 2020.

In addition to its growth within the UAE, ADNOC has accelerated its international expansion pace, particularly in Saudi Arabia, where the company has concluded in 2020 and 2021 three agreements ...