ADNOC Distribution has reported that its EBITDA stood at AED 3.1 billion, with net profit of AED2.2 billion for 2021. For the fourth quarter of 2021, EBITDA was AED802 million, while net profit stood at AED571 million.
As of 31 December 2021, the company’s liquidity stood at AED5.0 billion in the form of AED 2.3 billion in cash and cash equivalents and AED 2.8 billion in unutilized credit facilities.
ADNOC Distribution saw quarter-on-quarter growth in total fuel volumes in 2021, with an increase of 4% in the fourth quarter compared to the third. In addition, ADNOC Distribution has continued to see incremental volumes from its Dubai stations, with a total of 31 stations now in operation in the emirate.
The company also continues to deliver on its international growth plans with 38 stations operationalized in Saudi Arabia in 2021, bringing the company’s total network to 40 in the Kingdom. The company remains committed to bringing modern fuel and retail convenience to customers and communities across the Kingdom, and continues to evaluate international growth opportunities.
Locally, ADNOC Distribution signed a number of strategic agreements. An exclusive partnership agreement with Cars Taxi will see the provision of fuel and ADNOC Voyager lubricants, including the premium range Voyager Gold 5W-40 SN, to the company’s 3,000+ taxi fleet in the UAE.
In December 2021, ADNOC Distribution announced expanding its LPG delivery service in Abu Dhabi with the addition of 30 new trucks to its existing fleet of 17, supporting door-to-door delivery of LPG cylinders to customers within an hour of ordering and utilizing the digital offering through the ADNOC Distribution app.
Following ADNOC Distribution’s inclusion in MSCI Emerging Markets Index in May 2021, the company was also included in the FTSE Emerging Markets (EM) Index in September 2021. The inclusion in these reputable indices helps to increase the attractiveness of ADNOC Distribution’s shares to potential international investors and thus further diversify the company’s investor base.
Engineer Bader Saeed Al Lamki, Chief Executive Officer, ADNOC Distribution said: “As we continued to work as a nation towards new growth and remained united in our vigilance in the fight against COVID-19, 2021 was a strong year of achievements for ADNOC Distribution. We maintain a robust balance sheet and expect to continue to deliver strong financial performance in the future. This is supported by our ongoing commitment to achieving the highest levels of efficiency, which has become a primary performance indicator across all operations and is now engraved in our company culture. We also continue our transformative journey as a fresh, modern, digitally-centric retail company, providing enhanced customer experiences across the UAE and beyond.”