ADNOC Group records robust financial performance for first half of 2024
Date
8/13/2024 7:42:09 AM
(MENAFN) ADNOC Group companies listed on the Abu Dhabi Securities Exchange have announced impressive financial results for the second quarter and the first half of 2024. The combined revenues of the six listed companies amounted to AED 89 billion (approximately USD24.3 billion), with earnings before interest, tax, depreciation, and amortization (EBITDA) reaching AED 28.4 billion (around USD7.7 billion). Net profits exceeded AED 16 billion (about USD4.4 billion) for the first half of the year. This robust performance underscores the companies' solid foundation for sustained growth as they continue to advance their strategies and engage in diverse initiatives aimed at achieving profitable growth and delivering attractive returns to shareholders.
Among the ADNOC Group companies, ADNOC Distribution, a leading fuel and retail company, demonstrated notable improvements. In the second quarter of 2024, ADNOC Distribution saw a 15 percent year-on-year increase in EBITDA, reaching AED 979 million, and a 12.9 percent rise in net profit, totaling AED 623 million. Revenues for the quarter grew by 8 percent year-on-year to AED 8.8 billion. For the first half of 2024, the company reported a 16.2 percent increase in EBITDA, which reached AED 1.9 billion. Net profit attributable to shareholders increased by 7.7 percent year-on-year, reaching AED 1.2 billion, while revenues for the six-month period grew by 8.7 percent to AED 17.5 billion.
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