Abu Dhabi – Mubasher: Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) on Thursday reported an 18% year-on-year increase in profits for the full-year 2018.

Net profits amounted to AED 2.12 billion in 2018, compared to AED 1.80 billion in 2017, according to a filing to the Abu Dhabi Securities Exchange (ADX).

Commenting on the previous-year performance, Saeed Mubarak Al Rashdi, Adnoc Distribution’s Acting CEO, said, “Our 2018 results confirm our ambition to deliver and sustain strong financial performance through operational excellence and premium customer service.” 

Revenues of the leading fuel distributor in the UAE registered AED 22.9 billion in 2018, from AED 19.75 billion in the prior year.

As for the fourth quarter of 2018, the company logged a net profit of AED 445.9 million, down from AED 492.4 million in Q4-17.

“We generated positive momentum, driven by greater fuel offerings and service, an enhanced convenience store experience and improved quality of service. We have delivered on our business plan commitments for 2018 and remain focused on volume growth initiatives with accelerated UAE and international expansion plans,” Al Rashdi added.

He noted that the company eyes further expansion in the UAE and internationally this year.

By 12:56 pm UAE time, ADNOC Distribution’s stock stood at AED 2.24.