Abu Dhabi – Mubasher: The unaudited interim consolidated financials of Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) showed a 57.9% rise in net profits to AED 631 million in the first quarter (Q1) of 2021 from AED 400 million in the year-ago period.

The company's revenues decreased by 13.3% to AED 4.282 billion in the first three months of 2021 from AED 4.939 billion in the same period of 2020.

The company's underlying earnings before interest, tax, depreciation, and amortisation (EBITDA)  increased by 17.5% to AED 740 million in Q1-21 from AED 629 million in Q1-20.

The earnings per share (EPS) settled at AED 0.050 in the January-March period of 2021, compared to AED 0.032 in the corresponding period of 2020.

The Acting CEO of ADNOC Distribution, Ahmed Al Shamsi, commented: "We have progressed our smart growth strategy in the first quarter and have ambitious targets for 2021, including the opening of 70 to 80 new stations across domestic and international markets."

Al Shamsi added: "Our focus on creating shareholder value continued in the first quarter of 2021 and we remain committed to providing strong dividend visibility."

It is noteworthy to mention that in 2020, ADNOC Distribution increased by 9.7% to AED 2.432 billion compared to AED 2.153 billion in 2019.