AED 2.608 billion in ADNOC Distribution during the first half of 2018

Media in Abu Dhabi, August 13, 2018 (WAM)

  ADNOC Distribution recorded a gross profit of AED 2.608 billion for the first six months of June 30, 2018, an increase of 24 per cent over the same period last year, while profits before tax, depreciation and amortization increased to AED 1.443 billion, a 30 per cent increase. Net profit reached AED 1,124 billion, an increase of 18 per cent. The company also made strong progress in enhancing its free cash flow by 72 per cent year on year, up to AED1.111 billion as of 30 June this year. The company’s net profit rose by 24 per cent compared to the second quarter of 2017 and gross profit rose by 33 per cent, bringing the gross profit margin to 25 per cent, compared to 22 per cent for ADNOC during the second quarter of the year. In the second quarter of last year. Saeed Mubarak Al Rashidi, Acting CEO of ADNOC Distribution, said: “The results of the second quarter and the first half of 2018 confirm the success of our efforts to achieve the strategy. We have made good progress in supporting the three pillars of our strategy, which include oil and non-oil products and efficiency promotion initiatives. Finance. “ADNOC Distribution continues to deliver strong financial results supported by improved profit margins and enhanced financial efficiency of operational costs as we move confidently towards our stated goal of saving AED 190 million in 2018 by cutting costs.