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ADNOC Distribution witnesses 31% lower profits in Q1-20

ADNOC Distribution witnesses 31% lower profits in Q1-20
The company's revenues reached AED 4.93bn in Q1-2020

Abu Dhabi – Mubasher: The net profits of Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) plunged by 30.9% to AED 399.517 million during the first quarter (Q1) of 2020, compared to AED 577.933 billion in the same period of 2019.

The company's revenues reached AED 4.93 billion in Q1-2020, up 3.6% from AED 4.77 billion during the corresponding quarter of 2019, according to the company's unaudited interim consolidated financial results for the period ended on 31 March 2020.

The company's earnings before interest, tax, depreciation, and amortisation (EBITDA) decreased by 24.1% to AED 556 million in the first three months of 2020, versus AED 733 million in the year-ago period.

The earnings per share (EPS) stood at AED 0.032 in Q1-20, down by 30.9% from AED 0.046 in the same period of the preivous year.

Meanwhile, the company is expected to pay out cash dividends of AED 2.57 billion or 20.57 fils per share, up 7.5% compared to 2019, to maintain its dividend policy in 2020.

Commenting on the company's performance, the Acting CEO, Ahmed Al Shamsi, said: "We remain confident that we will responsibly manage the impact of coronavirus (COVID-19) on our long-term strategic commitments."

Al Shamsi added: "As a company, we will continue to deliver long term attractive shareholder returns, underpinned by progressive dividend policy, smart growth and disciplined capital allocation, well supported by a solid balance sheet."

It is noteworthy to mention that in 2019, the company's net profits increased by 4.2% to AED 2.218 billion in 2019 from AED 2.128 billion in 2018.