AED1.57 billion ADNOC Distribution profit in H1 2023
August 04, 2023 / 11:22 PM
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Sharjah 24 – WAM: ADNOC Distribution Friday announced its first half 2023 results, reporting a 9% year-on-year increase in underlying EBITDA to AED1.57 billion, and a 2% year-on-year increase in net profit excluding inventory movements to AED1.03 billion, driven by higher fuel volumes and company-wide efficiency improvement initiatives.
The Company continued to maintain a strong balance sheet, with a net debt to EBITDA ratio of 1.13x at the end of the first half of the year. Its financial position remained strong with liquidity of AED 4.7 billion at the end of the period.
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