ADNOC Distribution Company announced today that its net profit for the first half of 2019 increased by 4.3% compared to the same period of 2018 to AED 1.17 billion.
Free financial flows (EBITDA, net of capital expenditures) increased by 21% year-on-year to reach AED1.345 billion in the first half of 2019, the company said in a statement.
During the second quarter of 2019, EBITDA was AED 750 million, with a net profit of AED 595 million, representing growth of 1.3% and 2.2% respectively compared to the second quarter of 2018.
Profit before interest, tax, amortization and amortization (excluding inventory gains) increased during the first half of 2019, growing 11% to AED 1.364 billion compared to the same period in 2018.
ADNOC Distribution has indicated that the retail renovation program is in line with its plan and has contributed to improving overall margins and an average increase in the basket size by 6.8% in the first half of 2019 compared to the same period of 2018.
"We were able to achieve strong financial results during the first half of 2019. Our focus in the second half of 2019 will be to accelerate the expansion of our network locally, especially in Dubai, and to develop the business of our partnerships," said Saeed Mubarak Al Rashidi, Acting CEO of ADNOC Distribution. Non-oil ».
"ADNOC Distribution has once again demonstrated its ability to achieve profitable and long-term growth. There is no doubt that we are on the right track to become a global fuel sales company and retailer in the UAE and the world. "
On April 4, 2019 ADNOC Distribution announced a positive change in the dividend distribution policy. The new policy reflects an increase in dividends for 2019 (AED 2.39 billion), AED 2.57 billion (2020), and 63% and 75% respectively, compared to dividends for 2018. The company expects to pay interim dividends for 2019 in October, Board of Directors.