UAE fuel retailer Adnoc Distribution’s net profits reached $604 million in 2019, a 4.2 percent increase compared to 2018, driven by a solid operational performance in both fuel and non-fuel businesses, it said on Wednesday.
In a statement, the firm said that total fuel volumes sold increased 0.7 percent in 2019 compared to the year, while non-fuel retail gross profit increased by 11.8 percent over the same time frame. Cost efficiency measures led to an 8.6 percent reduction in operating expenses compared to 2018.
For Q4, the company reported that net profit rose 11.3 percent from Q4 2018 to $135 million last year. Total fuel volumes sold in the quarter rose two percent compared to 2018.
“We continue to transform Adnoc Distribution into a world-class, customer-focused, commercially driven company with a determined focus on driving profitable growth,” ” said Adnoc Distribution acting CEO Ahmed Al Shamsi.
“As we sharpen our focus on customer experience and pursue growth opportunities, both domestically and internationally, we will expand all our distribution channels to reach larger market segments and sustain volume growth,” he added. “Finally, Opex reduction and optimisation of capex remain key priorities.”