ABU DHABI / Agencies
The UAE’s largest fuel and convenience retailer has reported strong Q4 and full year 2017 results, as Adnoc Distribution undertakes a major transformation program to improve performance even further.
Adnoc Distribution, which listed on the Abu Dhabi Securities Exchange in December, posted an AED1.8bn profit for the year 2017 on revenue of AED19.8bn, the latter jumping 11.8% compared to 2016.
In the fourth quarter of 2017, following a number of supply agreements with its parent and main shareholder, the company saw a 21.1% jump in revenue and 6.8% jump in profit compared to the same period in 2016.
In a statement posted on the Abu Dhabi Securities Exchange website, Adnoc Distribution also confirmed that it will distribute to shareholders an AED 735 million dividend, or AED 0.0588 per share, pending approval at its upcoming Annual General Meeting.
Adnoc Distribution’s Acting CEO, Saeed Al Rashdi, commented: “Adnoc Distribution had a very successful year 2017, with an enhanced level of profitability and continued healthy margins.
The Adnoc Distribution proposition is a powerful one for customers, investors and other stakeholders alike. Our market leading position, our comprehensive fuel distribution infrastructure, a respected and popular brand and the support of our parent company (Adnoc) have laid the foundations for the new management team, with its record of operational delivery, to achieve our ambitious plans and maintain our upward trajectory.”
Al Rashdi said the Q4 2017 results, in particular, bode well for the company’s future.
“Our initiatives for 2018, covering fuel, non-fuel and cost efficiency, have been clearly identified and we are focused on improving choice, service and convenience for our customers. We have the momentum, expertise and support to deliver on this strategy and to continue our transition towards becoming a retail destination beyond just fuel.”
Adnoc Distribution is the leading fuel distributor and convenience store operator in the UAE with the number one retail fuel brand, an approximate 67% market share by number of retail fuel service stations, and the largest market share in the wholesale segment. It is also the largest retailer in the UAE by number of sites with 235 Adnoc Oasis convenience stores located across its retail fuel network.