ADNOC Distribution has reported its 2018 net profit increased by 18 per cent to AED 2.128 billion as the company expanded its presence locally and internationally.
Net cash generated from operating activities increased by 45 per cent to AED 4,914 million compared to 2017 driven by strong cash flow from operations and proactive working capital management.
During the year 2018 ADNOC Distribution became the first fuel retailer in the UAE to service all seven emirates. It also expanded its operations internationally, opening its first two service stations in the Kingdom of Saudi Arabia.
Commenting on the results, ADNOC Distribution’s Acting CEO, Saeed Mubarak Al Rashdi, said: “Our 2018 results confirm our ambition to deliver and sustain strong financial performance through operational excellence and premium customer service. We generated positive momentum, driven by greater fuel offerings and service, an enhanced convenience store experience and improved quality of service. We have delivered on our business plan commitments for 2018 and remain focused on volume growth initiatives with accelerated UAE and international expansion plans. We are well on our way to make ADNOC Distribution a world-class fuel and convenience retailer.”
ADNOC Distribution stated that its recent local expansion presents an opportunity to demonstrate to customers great service levels and a wide range of products, which are now available across the nation.
“This is the beginning of a journey, with further expansion to come inside the UAE and internationally in 2019,” added Al Rashdi.