ADNOC Distribution announced that the service will be offered free of charge to all customers starting next Sunday, stressing that the decision will not affect the level of profitability.

The company reported a net profit of AED 1.72 billion for the first nine months of the year, up 2.3% from the same period last year.

Distinctive service

The board of directors of ADNOC Distribution announced that the service will be offered free of charge to all customers starting next Sunday.

Saeed Mubarak Al Rashdi, Acting Chief Executive Officer of the Company, said that the Board of Directors has taken the decision to provide premium services free of charge to all customers starting from the third Sunday of November. This is a result of the company's cost effective strategy and other initiatives. ”

He added that the company has reached out to 14,000 customers through workshops and questionnaires. Level and aspirations.

9 months profit

ADNOC Distribution announced its financial results for the first nine months of the year, posting a net profit of AED 1.72 billion, an increase of 2.3% compared to the same period last year.

Earnings before interest, tax, depreciation and amortization (excluding inventory gains) rose to AED 2.06 billion, a growth of 10.6% compared to the same period in 2018, while EBITDA margin continued Consumption and amortization achieved momentum, reaching 13.7% in the first nine months of this year compared to 12.7%.

Free cash flows (EBITDA minus capital expenses) increased by 18.8% year-on-year to AED 1.94 billion in the first nine months of this year, while total non-oil sales profits increased by 12.2% during the period. Compared to the same period last year.

Distinguish

`` Excellence is a key objective of the company, and today we have added strong financial results for the first nine months of 2019, reflecting positively on the national economy, shareholders and partners, '' said ADNOC Distribution CEO.

He added that «these results are supported by improved quantities of fuel sold, and the result of our focus on improving the experience of our customers».

Third quarter

ADNOC Distribution's profit before interest, tax, depreciation and amortization (excluding inventory gains) increased by 10% to AED 698 million compared to the third quarter of last year, thanks to efforts to improve operating efficiency. Net profit of AED 549 million.

The quantities of fuel sold increased by 3.9% during the third quarter of 2019 compared to the same quarter of 2018.

Promotions also helped boost the volume of fuel sold during the summer months, while total non-oil sales profits rose 16.6% in the third quarter of 2019 compared to the same period last year.

- The company confirmed

That decision to submit

Premium service is free

Will not affect profitability.

2.3%

Increase in net profit

Company during the months

The first 9 of 2019.