Adnoc Distribution, the UAE's largest fuel and convenience retailer, has registered a net profit of Dh2.22 billion ($599 million) for full year 2019, up 4.2 per cent compared to the previous year.
Announcing the full year 2019 results, Adnoc Distribution said its net profit for the fourth quarter surged by 11.3 per cent over the previous year to hit Dh496 million.
Ebitda for the fourth quarter stood at Dh658 million, an increase of 6.5 per cent compared to the same period last year, driven by a solid operational performance in both fuel and non-fuel businesses, said the Emirati fuel retailer in its statement.
According to Adnoc Distribution, the total fuel volumes sold increased by 2 per cent in the fourth quarter of 2019 compared to the previous year, driven by a continued recovery in the company’s retail business, growth in its corporate business and supported by new marketing initiatives.
Growth in retail fuel volumes was driven by improvement in the core Abu Dhabi market, market share gains in the Northern Emirates following implementation of free assisted fueling (effective 3rd November 2019) and the contribution from new stations in Dubai. Non-fuel retail gross profit increased by 10.4 per cent for the same period compared to Q4 2018, it added.-TradeArabia News Service
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