The net profits of ADNOC Distribution, the Emirati company, increased by 71.5%, amounting to $231.7 million in the last quarter of 2020, compared to $135 million in the same quarter of the previous year, according to a statement from the company to the Abu Dhabi Securities Exchange.
The company’s annual net profit rose by 9.7%, reaching $662.18 million compared to $604 million in 2019. The core earnings before interest, tax, depreciation, and amortization (EBITDA) in the last quarter of the previous year increased by 51.6% to approximately $299.51 million compared to $192.50 million in the same period of 2019. Additionally, core earnings before interest, tax, depreciation, and amortization rose by 31.6%, reaching $987.55 million during 2020. However, revenues in the last quarter of the previous year fell by 23.6%, amounting to $1.13 billion, while annual revenues decreased by 24.4%, totaling $4.4 billion. The company’s liquidity reached $1.52 billion at the end of December, which includes $762.38 million in cash and the same amount in unused credit facilities. Fuel sales volumes increased by 2% during the last quarter of 2020 compared to the previous quarter, while fuel sales volumes in the third quarter of 2020 rose by 24%.
