ADNOC Distribution, listed on the Abu Dhabi Financial Market, announced on Wednesday that it has recorded strong financial results during the year 2023, as it achieved a growth in profits before interest, tax and depreciation by 4.6 percent on an annual basis, exceeding the barrier of one billion dollars (3.68 billion dirhams). Thus, the company achieved its five-year goal that it had previously announced during its first capital markets conference in May 2019.
Core earnings before interest, tax, depreciation and amortization for the year 2023, excluding the impact of inventory movement, also witnessed an increase of 15.4 percent on an annual basis, supported by steady growth in fuel sales and non-fuel retail business and an increase in the contribution of international operations, in addition to initiatives to improve operational efficiency in all sectors. The company, which contributed to reducing operating expenses on a similar basis by $28 million (103 million dirhams), according to a company statement on the Abu Dhabi Financial Market website.
ADNOC Distribution said in its statement: We worked to take advantage of the new growth opportunities provided by investment in local and international markets through the effective allocation of capital to achieve growth.
In 2023, ADNOC Distribution achieved strong cash flows amounting to $1.1 billion (4 billion dirhams), and the company also maintained a strong balance sheet, as the net debt to earnings before interest, tax, depreciation and amortization ratio reached 0.62 times, as of December 31, 2023, which supports... Future growth prospects and shareholder returns.
