Abu Dhabi – Mubasher: Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) posted a 7% year-on-year increase in its profits for the first quarter of 2019.

Net profits recorded AED 577.9 million ($154.07 million) in Q1-19, compared to AED 541.7 million ($147.45 million) in Q1-18, according to the company’s statement to the Abu Dhabi Securities Exchange (ADX) on Wednesday.

Earnings per share (EPS) jumped 29.6% to AED 0.046 in the three-month period ended last March, from AED 0.036 in the prior-year period.

Net cash generated from operating activities decreased by the end of March as a result of working capital movements due to fluctuating oil prices, the statement said.

EBITDA jumped 18.7% to AED 733 million in Q1-19, compared to AED 617 million for Q4-18.

“We maintained our guaranteed margin for our retail fuel business in accordance with the margin guarantee provisions of our supply contract with ADNOC,” the statement highlighted.