Abu Dhabi – Mubasher: The UAE-based ADNOC Distribution on Monday posted an 18% year-on-year increase in net profit during the first half of 2018.

The fuel distribution unit of Abu Dhabi National Oil Company (ADNOC) logged a net profit of AED 1.124 billion in the six-month period ended June, compared to AED 951.8 million in H1-17, according to a statement to the Abu Dhabi Securities Exchange (ADX).

Revenues levelled up 16% during H1-18, while profit margin jumped 23.8%, compared to the year-ago period.

Total sales of fuel fell 1% from January to June, reaching 4.763 million litre, the statement showed. 

It is noteworthy that ADNOC Distribution acquires about 67% of the local market’s business.