(MENAFN) ADNOC Distribution, a prominent entity listed on the Abu Dhabi Securities Market, unveiled robust financial and operational results for the first quarter of 2024. Notably, the company recorded a remarkable 18 percent year-on-year surge in earnings before interest, tax, depreciation, and amortization (EBITDA), reaching a total of USD248 million. This substantial increase underscores the tangible progress made by the company as it diligently pursues the objectives outlined in its new five-year strategy.
In a disclosure to the Abu Dhabi market, as reported by Sky News Arabia, ADNOC Distribution attributed this impressive performance to the sustained expansion observed across both the fuel and non-fuel retail sectors throughout the initial quarter of the year. The company embarked on several pivotal initiatives during this period, signaling its commitment to innovation and operational excellence. Among these initiatives, ADNOC Distribution introduced over 20 projects leveraging artificial intelligence (AI) to accelerate growth and optimize operational efficiency. Examples include the innovative "Fuel & Go" service and the implementation of a sophisticated smart system utilizing cutting-edge technologies to accurately forecast future fuel demand levels.
Highlighting the tangible outcomes of these endeavors, the company reported a significant uptick in fuel sales volumes, marking a notable 17 percent increase compared to the previous year. Moreover, non-fuel retail transactions experienced a commendable 7 percent annual growth, underscoring the sustained momentum witnessed across both sectors.
ADNOC Distribution's strong performance in the first quarter of 2024 reflects its proactive approach towards driving growth and enhancing customer satisfaction. Through strategic investments in innovative technologies and service offerings, the company continues to position itself as a leader in the energy sector, poised for sustained success in the evolving market landscape.
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