Adnoc Distribution revenue rises to Dhs19.8b

15/02/2018 05:33 AST

Adnoc Distribution has released its first preliminary, unaudited financial statements for financial year 2017, following their listing on the Abu Dhabi Securities Exchange in December last year.

Revenue increased in 2017 to Dhs19.8 billion ($5.39 billion), according to preliminary, unaudited financial statements reported to the Abu Dhabi Securities Exchange. EBITDA was up to Dhs2.3 billion ($621 million) and profit for the year rose to Dhs1.8 billion ($491 million).

Adnoc Distribution's audited results for 2017 are due to be released on 25th February.

Adnoc Distribution listed shares on the Abu Dhabi Securities Exchange in December as part of the Adnoc Group's strategy to unlock value and capital to enable future growth.

Meanwhile, Adnoc, announced that it has launched the implementation phase of its new In-Country Value, ICV, strategy, aimed at increasing the company's ICV contribution and strengthening its relationship with the UAE's private sector.

All business partnerships with adnoc now include an ICV assessment as part of the tender evaluation and award process. The adnoc ICV strategy seeks to stimulate private sector partnerships and opportunities resulting from adnoc's 2030 growth strategy, catalyse socio-economic development, improve knowledge transfer and create additional employment for UAE nationals. It reinforces the company's commitment to supporting local businesses and their role in driving economic diversification and GDP growth.

adnoc's Dhs400 billion capital spend across its entire value chain, over the next five years, will create multiple opportunities for local companies to grow alongside adnoc.

The Gulf Today