The financial statements of the Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) showed an increase in the company's profits in the first nine months of this year by 6% year on year.
According to the company's results for the Abu Dhabi Financial Market, today, Tuesday, the profits for the period amounted to 1.68 million dirhams, compared to profits of 1.58 million dirhams in the first nine months of 2020.< /p>
The company said in a statement to the market that the increase in profits during the comparison periods is due to the increase in revenues by 23% year on year.
The company also attributed the improvement in profits to the decrease in distribution and administrative expenses by 14% to reach 1981 million dirhams, compared to 2303.1 million dirhams during the first nine months of the previous year.
The company indicated that the impairment allowance decreased during the first nine months of this year to 28.3 million dirhams, compared to 263.8 million dirhams for the same period last year.
