ADNOC Distribution posts Dh2.4 billion net profit
The company sets EBITDA target of at least Dh3.7 billion by 2023
ABU DHABI: ADNOC Distribution on Monday reported that its net profit for the fourth quarter of 2020 grew to Dh851 million, with underlying EBITDA (EBITDA excluding one-offs and inventory gains/losses) of Dh1.1 billion. For the year 2020, net profit was Dh2.4 billion, while underlying EBITDA stood at Dh3.6 billion.
ADNOC Distribution has maintained a strong balance sheet as of December 31, 2020 and remained well-positioned to expand both its domestic and international portfolio in-line with its smart growth strategy, as well as meet its dividend commitments.
As of December 31, 2020, the company’s liquidity was at Dh5.6 billion in the form of Dh2.8 billion in cash and cash equivalents and Dh2.8 billion in unutilised credit facilities.
Following a 24 per cent quarter-on-quarter increase in total fuel volumes in Q3 2020, volumes for the fourth quarter of 2020 increased 2 per cent compared to the third quarter of 2020.
Ahmed Al Shamsi, Acting Chief Executive Officer of ADNOC Distribution, said: “We set ambitious growth targets for 2020 and it is testament to our resilient business model that we not only met, but exceeded guidance in terms of both new station openings and convenience store refurbishments.
“ADNOC Distribution is well placed to continue building on recent success, in the UAE and beyond, in the year ahead and remains on track to reach EBITDA target of at least $1.0 billion by 2023. We will continue to seek further international expansion opportunities and unlock incremental value for shareholders.”