ADX-listed Adnoc Distribution has delivered a resilient financial performance throughout 2021, despite volatility caused by the Covid-19 pandemic with its net profit hitting AED2.2 billion ($598 millon).

 

Its ebitda stood at AED3.1 billion for 2021, while for the fourth quarter, the ebitda was AED802 million.

 

The company delivered a resilient financial performance throughout 2021, despite volatility caused by the Covid-19 pandemic. Its net profit for Q4 stood at AED571 million.

 

Adnoc Distribution has maintained a strong balance sheet as of December 31, 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.

 

Adnoc Distribution remains committed to its smart growth strategy to deliver modern, digitally-enabled fuel retail convenience to customers and communities across the UAE, with the opening of 19 new stations in 2021, reaffirming its position as the nation’s leading fuel retailer with a total network of 462 service stations and 346 convenience stores nationwide as of 31 December 2021.

 

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 February 2021, the company became the first fuel retailer globally to ensure that 100% of its frontline staff were fully vaccinated against COVID-19, as part of its commitment to ensuring the safety of customers and staff throughout its service station network. This was followed in October 2021 with all frontline service station staff receiving their COVID-19 booster vaccine shot.

 

Adnoc Distribution continued to invest in enhancing customer experience throughout 2021. This was underpinned by the ongoing convenience store refurbishment program, which was launched in 2019 and has seen the successful upgrade of 150 stores nationwide by the end of 2021.The new-look Adnoc Oasis stores offer fresh food, barista-brewed coffee and a wider menu selection. This has contributed to an increase in gross profit from non-fuel activities by 18% compared to 2020.

 

This also included the launching of the next generation retail experience, the new, fully autonomous, contactless and cashier-less Adnoc Oasis store. Through cutting-edge AI technology, weight-sensored shelves and advanced payment options, consumers can shop and pay without the need for a cashier or check out.