Abu Dhabi – Mubasher: The consolidated financial results of Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) saw a 22.4% decrease in net profits to AED 910 million in the first half (H1) of 2020, compared to AED 1.17 billion in the year-ago period.
The company has generated AED 7.96 billion revenues in H1-20, down by 22.6% from AED 10.27 billion in the corresponding period of 2019.
The earnings before interest, tax, depreciation, and amortization (EBITDA) declined by 15.4% to AED 1.26 billion in the January-June period of 2020 from AED 1.48 billion in the same period of the earlier year.
The earnings per share (EPS) stood at AED 0.073 in the first six months of 2020, against AED 0.094 in the corresponding period of 2019.
After the UAE had lifted restrictions caused by coronavirus (COVID-19) pandemic, in July, the company's retail fuel volumes were recovered to 90% of volumes for the same period last year.
Meanwhile, ADNOC Distribution is expected to pay AED 2.57 billion cash dividends for H1-20, up 7.5% from 2019 cash dividends of AED 2.39 billion.
Commenting on the company's performance, the acting CEO, Ahmed Al Shamsi, said: "We have maintained our smart growth strategy to expand our domestic footprint and ensure our network has a wider reach across the Emirates, particularly in the heart of neighbourhood communities, which previously did not have convenient access to refuelling services."
It is noteworthy to mention that in the first quarter (Q1) of 2020, the company's net profits dropped by 30.9% to AED 399.517 million, compared to AED 577.933 billion in the same period of 2019.
