ADNOC Distribution records highest-ever EBITDA in 9M-24; profits exceed AED 1.8bn - Mubasher Info

ADNOC Distribution
ADNOCDIST 0.55% 3.63 0.02

Abu Dhabi – Mubasher: Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) posted net profits valued at AED 1.87 billion in the first nine months (9M) of 2024.

The recorded net profits were lower year-on-year (YoY) than AED 1.95 billion, according to the financial statements.

Revenues amounted to AED 26.61 billion in 9M-24, compared to AED 25.06 billion in 9M-23.

The earnings per share (EPS) fell to AED 0.14 as of 30 September 2024 from AED 0.15 a year earlier.

The company reported its highest-ever nine-month earnings before interest, taxes, depreciation, and amortisation (EBITDA) of $790 million (AED 2.90 billion) and underlying EBITDA of $721 million (AED 2.65 billion), implying growth of 5.9% and 11.6% year-on-year, respectively.

Income Results for Q3

In the third quarter (Q3) of 2024, ADNOC Distribution achieved net profits valued at AED 718.48 million, marking an annual drop from AED 850.18 million.

The revenues jumped to AED 9.08 billion in Q3-24 from AED 8.93 billion in Q3-23, while the basic and diluted EPS retreated to AED 0.05 from AED 0.06.

Bader Saeed Al Lamki, CEO of ADNOC Distribution, said: “Across the first nine months of the year, we made steady progress expanding our domestic retail presence and market share, while also seeing growing returns from our international expansion.”

“To continue to unlock shareholder value, the company is pursuing AI, advanced digital technologies, and innovation-enabled growth across our entire value chain, engendering considerable OPEX savings and improvements to our industry-leading customer experience,” Al Lamki continued.

At the end of June 2024, the net profits attributable to the owners of ADNOC Distribution hit AED 1.17 billion.

Source: Mubasher Source: {{details.article.source}}