ADNOC Distribution's profits fell by 6% in 2021 to reach 2.252 billion dirhams, compared to 2.396 billion dirhams in 2020.
According to Arabiya Net, the company clarified in a statement that the decline in annual profits is due to the drop in the income margin to 24.1% in 2021, compared to 35.8% in the previous year, Direct costs are higher than revenue growth.
The company's revenues increased by 30% last year to 20.92 billion dirhams, compared to 16.1 billion dirhams in 2020.
Adnoc Distribution's other revenues fell to 72.3 million dirhams, compared to 113.7 million dirhams in the previous year.
In terms of results for the fourth quarter of 2021, the company's profits decreased by 30% to 571.3 million dirhams, 814.8 million dirhams in the same quarter of 2020.
