It recorded a net profit of 671 million dirhams during the first quarter

ADNOC Distribution's network in Saudi Arabia grows 40% to 55 service stations

ADNOC Distribution enjoys a strong budget and ample financial liquidity.

From the source

ADNOC Distribution, listed on the Abu Dhabi Securities Exchange, announced strong results for the first quarter of 2022, as its profits before interest, tax, depreciation and amortization increased by 7.8% on an annual basis to reach 881 million dirhams, while net profit increased for the same period By 6.3% on an annual basis to reach 671 million dirhams, at a time when it maintained strong cash flow generation, bringing free cash flow to 1.9 billion dirhams, and its network in Saudi Arabia grew by 40% to 55 service stations.

fuel sales

The company revealed that it witnessed a strong recovery in the total quantities of fuel sold compared to the first quarter of the previous year, with an increase of 11% on an annual basis, while the quantities of corporate fuel recorded a strong growth of 19% on an annual basis, driven in part by the signing of new sales agreements concluded in last quarter of 2021.

In turn, the total profit of the non-fuel retail business increased by 11% compared to the same period in 2021, with a 20% increase in the number of non-fuel transactions across the country.

business portfolio

ADNOC Distribution stated that, during the first quarter of 2022, it strengthened its presence by expanding its network of stations locally and internationally, bringing the total number of its stations to more than 500 service stations in the UAE and Saudi Arabia.

The company opened 15 new service stations in Saudi Arabia, bringing its total to 55 service stations, and opened three new service stations in the UAE, bringing the number of its stations within the country to 464.

ADNOC Distribution confirmed its commitment to its plans to open between 20 and 30 new stations in the UAE by the end of 2022.

positive start

Bader Saeed Al-Lamki, CEO of ADNOC Distribution, said: “The company continued to expand its network of stations strongly during the first quarter, and this is evident in the Saudi market, as our network of stations expanded by 40%.

We are also continuing our plans to open between 60 and 80 new service stations in the UAE and international markets by the end of this year.”

He added, "(ADNOC Distribution) has a strong balance sheet, along with ample financial liquidity, which ensures our ability to continue growth and achieve attractive returns for shareholders."

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