Adnoc Distribution, the UAE’s biggest fuel and convenience retailer, reported a 12 per cent increase in first-quarter net profit, boosted by revenues and cost cutting initiatives.
Net profit rose to Dh542.2 million in the first three months of the year from the year earlier period, the company said in a regulatory filing with the Abu Dhabi stock exchange. Revenue rose about 13 per cent to Dh5.16 billion in the first quarter compared to the same period last year.
“Adnoc Distribution’s first quarter results illustrate a company that is financially strong and has laid a solid foundation for further growth, with its fuel, non-fuel and cost efficiency initiatives,” Saeed Mubarak Al Rashidi, the company’s acting chief executive officer said.
“A strong and profitable Adnoc Distribution is good for shareholders, but it’s also good for customers and the UAE as it allows the company to continue investing in critical infrastructure, technology and human capital that supports the company’s development.”
More to follow
source: The National