25 new stations opened during the first half of 2020
910 million dirhams, ADNOC Distribution, net profit in 6 months
The company witnessed an improvement in the quantities of fuel sold due to the easing of movement restrictions nationwide. ■ from the source
ADNOC Distribution announced its financial results for the first half of this year yesterday, as it recorded basic profits before deducting interest, tax, depreciation and amortization of 1.422 billion dirhams, while the net profit of the company reached 910 million dirhams.
The company stated in a statement that during the second quarter of 2020, basic profits before deduction of interest, tax, depreciation and amortization amounted to 793 million dirhams, and net profit 511 million dirhams.
flexibility
The company added that despite the exceptional circumstances imposed by the new Corona virus during the first half of the year, the company continued to enhance the flexibility of its performance, registering an increase of 7.6% in basic profits before deducting interest, tax, depreciation and amortization during the first half of this year compared to half. The first from last year.
ADNOC Distribution indicated that it has maintained its strong financial position that qualifies it to continue its efforts to expand locally and internationally in line with its policy of smart growth. The company's liquidity reached 5.2 billion dirhams on June 30, 2020, including 2.4 billion dirhams in cash, and 2.8 One billion dirhams in unused credit facilities.
The company also witnessed an improvement in the quantities of fuel sold as a result of easing movement restrictions nationwide, as the average quantities of fuel sold during July 2020 reached 90% of the quantities of fuel sold during the same period last year.
growth
The company focused its efforts during the first half of 2020 to preserve the health and safety of its customers, employees, and the local community by implementing the highest safety standards. Thanks to the commitment to health and safety standards, the company's stations continued to operate throughout the last period to ensure the provision of services to customers and health service providers, as well as to help customers complete their necessary trips.
ADNOC Distribution continued to achieve progress in its smart growth strategy during the first six months of this year, while adhering to the highest safety standards, as it opened 25 new stations during the first half, including 18 stations during the second quarter, while moving forward with Executing its plans to open 50-60 new stations during 2020, including 20-25 stations in Dubai.
Despite the restrictions imposed by the closure due to the Corona virus, the company succeeded in renewing 11 stores during the first half, including 10 stores during the second quarter, while the company intends to adhere to its plans to renew 40-50 stores during the year 2020.
Improvement
Ahmed Al Shamsi, Acting CEO of ADNOC Distribution said: “We are proud of the measures adopted by (ADNOC Distribution) to address the emerging corona virus, despite the exceptional circumstances that the market faced, as our efforts continued to ensure that our services reach customers, while providing more options for them".
He added: “We have witnessed an improvement in the quantities of fuel sold as a result of easing movement restrictions at the state level, and we have maintained our strategy for smart growth to expand our presence, and to ensure that our service network reaches all parts of the UAE, especially in the heart of residential neighborhoods that did not previously have refueling services. Easily".
Dividend distribution
ADNOC Distribution confirmed its commitment to the dividend distribution policy for the year 2020, increasing it by 7.5% to reach 2.57 billion dirhams, after increasing by 62% over the past year to reach 2.39 billion dirhams. The company expects to pay a dividend for the current year (10,285 fils per share) next October, according to the approval of the Board of Directors. The company announced amendments to its dividend policy during the General Assembly meeting held in March 2020 for the year 2021 and beyond, as dividends of 2.57 billion dirhams for the year 2021 were approved, in addition to dividends of not less than 75% of the profits. Distributable for the year 2022 and beyond.
- The company's liquidity reached 5.2 billion dirhams on June 30th.