ADX-listed ADNOC Distribution today 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.
The company delivered a resilient financial performance throughout 2021, despite volatility caused by the COVID-19 pandemic. ADNOC Distribution has maintained a strong balance sheet as of 31 December 2021, and remains well-positioned to continue expanding both its domestic and international portfolio in line with its smart growth strategy.
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 unutilised credit facilities.
ADNOC Distribution’s commercial business continued to implement a proactive sales strategy throughout 2021, including increased international expansion of its ADNOC Voyager lubricants to new markets. New distributors added in the third and fourth quarters in Angola and the Democratic Republic of Congo, has now expanded the company’s global footprint across a total of 19 markets and contributed to an improvement in the commercial business gross profit compared to 2020.
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.
Also published on Medium.