The profits of the UAE “ADNOC Distribution” decreased by 20% in the first quarter of 2023

The profits of ADNOC Distribution declined by 20 percent in the first quarter of this year, compared to the first quarter of 2022.

And the company stated in a statement that its profits amounted to 537.3 million dirhams in the first quarter of 2023, compared to profits of 670.7 million dirhams in the first quarter of 2022.

The company's profit margin decreased to 15.8% in the first quarter of 2023, compared to a profit margin of 21.5% in the first quarter of 2022, as a result of an increase in the cost of revenues by 27%.

Impairment losses and other operating expenses rose to 17.9 million dirhams in the first quarter of 2023, compared to 6.7 million dirhams in the first quarter of 2022.

Finance costs increased by 94% to reach 94.8 million dirhams in the first quarter of 2023, compared to 48.9 million dirhams in the first quarter of 2022.