ADNOC Group reaches strong financial growth for H1 of 2024
Date
8/13/2024 7:51:34 AM
(MENAFN) ADNOC Group companies, listed on the Abu Dhabi Securities Exchange, have announced impressive financial results for the second quarter and first half of 2024. The combined revenues of the six companies surged 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 strong performance underscores the group's solid foundation for sustainable growth, driven by effective strategies and diverse initiatives aimed at achieving profitable growth and delivering attractive returns to shareholders.
Among the notable performers is ADNOC Distribution, a key player in the fuel and retail sector. The company reported a 15 percent increase in EBITDA for the second quarter of 2024, totaling AED 979 million, and a 12.9 percent rise in net profit, reaching AED 623 million. Revenue for the second quarter also grew by 8 percent year-on-year to AED 8.8 billion. For the first half of 2024, ADNOC Distribution's EBITDA saw a significant 16.2 percent increase, amounting to AED 1.9 billion. Net profit attributable to shareholders climbed by 7.7 percent to AED 1.2 billion, while revenues rose by 8.7 percent to AED 17.5 billion. This robust performance highlights ADNOC Distribution's continued success and operational efficiency in a competitive market.
MENAFN13082024000045015682ID1108548785
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.