ADNOC Distribution continues to demonstrate strong and profitable performance supported by improved margins and a continued cost focus. We remain confident on the delivery of our business plan for 2018 and beyond, and are well on our way to making ADNOC Distribution a world-class fuels and convenience business.
As we present ADNOC Distribution’s half-year 2018 results, we do so with a sense of satisfaction in how our business has delivered and continues to deliver against our strategy. I am pleased that our unwavering commitment to further improve our customer experience while also focusing on improving our financial performance has generated positive momentum and has led to the strong results we are announcing today.
We have made significant progress across all three pillars of our strategy, namely our fuel, non-fuel and cost-efficiency initiatives. Looking at our results for the second quarter, it is evident that our journey of growth continues.
EBITDA has increased 34.4%, gross profit is up by 33.1% and net profit has risen 24.3% compared to Q2 2017. We have achieved these outstanding results notwithstanding market headwinds that have resulted in a 2.2% decrease in the total fuel volumes we sold in the second quarter.
Our results validate the investment proposition we have made to our shareholders. Earnings per share amount to AED 0.047 in the second quarter, compared to AED 0.037 in Q2 2017, and AED 0.090 in H1 2018, compared to AED 0.076 in H1 2017.
We remain grateful for our shareholders’ strong belief in ADNOC Distribution’s future growth and positive development and will continue to pursue our ambition to transform the company into a more performance-driven and commercially minded business.
Saeed Mubarak Al Rashdi
Acting Chief Executive Officer
13 August 2018