Abu Dhabi – Mubasher: The net profits attributable to the shareholders of Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) hit AED 1.92 billion in the first nine months (9M) of 2023.
The recorded profits were compared with AED 2.32 billion in January- September 2022, according to the interim consolidated income statements.
Basic and diluted earnings per share (EPS) retreated to AED 0.15 in 9M-23 from AED 0.18 in 9M-22.
ADNOC Distribution generated revenues amounting to AED 25.06 billion in the January-September 2023 period, up year-on-year (YoY) from AED 23.92 billion.
Total assets hiked to AED 18.30 billion in 9M-23 from AED 16.01 billion as of 31 December 2022.
Financial Results for Q3-23
In the third quarter (Q3) of 2023, the ADX-listed company posted 9% YoY higher net profits attributable to the equityholders at AED 835.46 million, versus AED 766.76 million.
Revenues climbed to AED 8.93 billion in Q3-23 from AED 8.55 billion a year earlier, while the EPS went up to AED 0.067 from AED 0.061.
The UAE group posted a 28% YoY rise in earnings before interest, taxes, depreciation, and amortisation (EBITDA) to AED 1.10 billion ($303 million) during Q3-23.
The higher results were backed by a double-digit growth in fuel volumes and non-fuel business.
Bader Saeed Al Lamki, CEO of ADNOC Distribution, said: "These results mark one of the strongest quarterly performances since our [initial public offering] IPO.”
“They are driven by our commitment to creating value and attractive shareholder returns by implementing our smart growth strategy,” Al Lamki underlined.
He concluded: “This strategy includes the expansion of our domestic and international network, operational efficiency initiatives, investments in growth, and the adoption of advanced technologies across our operations to deliver a superior customer experience.”
During the first half (H1) of 2023, ADNOC Distribution registered net profits attributable to the owners valued at AED 1.08 billion, down from AED 1.56 billion in H1-22.
