Abu Dhabi – Mubasher: ADNOC Distribution, listed on the Abu Dhabi Securities Exchange (ADX), reported a 4.3% year-on-year growth in its net profit for the first half of 2019.

Net profit reached AED 1.173 billion in the six-month period ended 30 June 2019, versus AED 1.124 billion in the corresponding period a year earlier, the company revealed in a report.

The company’s revenue shrank by 6.3% year-on-year during the first six months of the year to AED 10.274 billion from AED 10.967 billion.

ADNOC distribution’s overall fuel sales volumes fell by 1.7% year-on-year in H1-19 due to a 3.5% decline in fuel retail volumes.

Distribution and administrative expenses fell by 13.4% to AED 1.293 million in H1-19, from AED 1.494 million in H1-18.

In the second quarter of 2019, the company generated a net profit of AED 595 million, up 2.2% from AED 582 million in Q2-18.

Revenue dropped by 5.2% during the April-June period of 2019 to AED 5.504 billion from AED 5.808 billion in Q2-18.

Earnings per share stood at AED 0.048 in Q2-19, up 2.2% from AED 0.047 in Q2-18.

In Q1-19, ADNOC Distribution’s posted a net profit of AED 577.9 million, compared to AED 541.7 million in Q1-18.