Adnoc Distribution third quarter profit jumps 55 percent on higher margins

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ABU DHABI (Reuters) – Adnoc Distribution <ADNO.AD>, the fuel distribution unit of Abu Dhabi National Oil Company (Adnoc), on Thursday reported a 55 percent rise in third-quarter profit, driven by improved margins and lower costs.

Net profit for the three-month period ended Sept.30 was 558 million dirhams ($152 million), compared with 360 million dirhams in the year-ago period, the company said in a statement.

Revenue rose 24 percent to 5.9 billion dirhams.

“We have made significant progress across all three pillars of our strategy – fuel, non-fuel and cost-efficiency initiatives,” Saeed Mubarak Al Rashdi, acting chief executive of the company, said in the statement.

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