(ADNOC) recorded a net profit of NIS 1,682 billion in the nine months ended September 30, 2018, an increase of 28% over the corresponding period last year.
The company, the leading fuel and retail retailer in the United Arab Emirates, posted an increase of NIS 2,157 billion, an increase of NIS 2,157 billion or 33%. There has also been significant progress in improving liquidity by 68% In the first nine months of 2018.
The increase was in the third quarter of the year, with pre-tax profit, amortization and amortization increasing to 13% compared with 11% in the same period last year.
Total fuel sales in this period amounted to 7,179 liters per liter, a decrease of 2.3% compared to the corresponding period last year.
Retailers in ADNOC saw an increase in transactions during the third quarter of 2018 compared to the second quarter results, thanks to management initiatives that helped improve the customer experience, leading to increased demand for stores.
Said Mubarak Al Rashidi, Acting CEO of ADNOC Distribution, said: "The results of the third quarter of 2018 confirm the success of ADNOC distribution efforts to achieve its ambitious strategy, which has helped to achieve strong financial results thanks to operational excellence, innovation and economic efficiency. Well supported three pillars of its strategy, which include: petroleum products, non-oil, and initiatives to improve financial efficiency.
"The Company's commitment to improving the customer experience by providing products and services of their choice, providing them with the convenience and quality of products, while focusing on improving the financial results, resulted in this positive stage in achieving these strong results.
"As ADNOC continues to strengthen its competitive position in the market, it will continue to be committed to our stakeholders by transforming ADNOC into a company with exceptional performance, clear business awareness and strength, and implementing its strategy for implementing the highest standards." Discipline is based on improved and efficient capital allocation.
"ADNOC Distribution Continues to Provide Strong Financial Results Supported by Improved Profit Margins and Improved Financial Efficiency of Operating Costs In the first nine months of 2018 the company had strong performance, with the retail sector contributing to pre-tax profits, amortization and amortization of 54% and achieving a 3% Has expressed confidence that the company will be able to implement the business plan set for 2018 and beyond, as it continues to consolidate its position as a world-class fuel and retailers company.