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Adnoc Distribution on Monday reported that its net profit for the fourth quarter of 2020 grew to AED851 million, with underlying EBITDA (EBITDA excluding one-offs and inventory gains/losses) of AED1.1 billion. For the year 2020, net profit was AED 2.4 billion, while underlying EBITDA stood at AED3.6 billion.
Adnoc Distribution has maintained a strong balance sheet as of December 31, 2020, and remained well-positioned to expand both its domestic and international portfolio in-line with its smart growth strategy, as well as meet its dividend commitments. As of December 31, 2020, the company’s liquidity was at AED5.6 billion in the form of AED2.8 billion in cash and cash equivalents and AED2.8 billion in unutilised credit facilities.
Following a 24% quarter-on-quarter increase in total fuel volumes in Q3 2020, volumes for the fourth quarter of 2020 increased 2% compared to the third quarter of 2020.