Abu Dhabi – Mubasher: The net profits of Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) decreased by 8.1% to AED 1.58 billion in the January-September period of 2020 from AED 1.72 billion in the same period of 2019.
The company's revenues amounted to AED 11.99 billion during the first nine months of 2020, down 24.7% from AED 15.91 billion in the corresponding period of 2019, according to the company's financial results for the period ended on 30 September 2020.
The company's earnings before interest, tax, depreciation, and amortisation (EBITDA) declined by 2.2% to AED 2.134 billion in the January-September period of 2020, compared to AED 2.18 billion in the year-ago period.
The basic and diluted earnings per share (EPS) settled at AED 0.126 in the first nine months of 2020, versus AED 0.138 in the prior-year period.
During the third quarter (Q3) of 2020, the company's net profits increased by 22.3% to AED 671 million from AED 549 million in the corresponding period of 2019.
Commenting on the company's performance, the Acting CEO of ADNOC Distribution, Ahmed Al Shamsi, said: "ADNOC Distribution’s third-quarter results have continued to advance our strategic priorities of steady and sustainable growth, enhanced customer experience, and attractive capital returns for our shareholders."
Al Shamsi added: "We maintain the significant capacity to deploy capital through a disciplined investment strategy aimed at continuing our efforts to expand our fuel station network, with a focus on the Dubai market, as well as investing in our non-fuel and international business expansion."
It is noteworthy to mention that during the first half (H1) of 2020, ADNOC Distribution saw a 22.4% decrease in net profits to AED 910 million, compared to AED 1.17 billion in the year-ago period.
