Day: May 13, 2023

ABUDHABI, 12th May, 2023 (WAM) — ADNOC Distribution today announced its first quarter 2023 results, reporting a 5.5% year-on-year and 19.4% Quarter-on-Quarter increase in net profit excluding inventory movements to AED 551 million, driven by strong performance and efficiency improvement measures across all operations and businesses. The Company continued to maintain a strong balance sheet by recording a solid Free Cash Flow of AED 1,048 million during the period. volume growth Total fuel volumes for the UAE and KSA increased by 8% year-on-year during Q1 2023 supported by the continued rebound in economic activity and network expansion across the UAE. Retail fuel volumes which account for c. 65% of sales increased by 5.5% year-on-year. Additionally, corporate fuel volumes witnessed strong growth during the first quarter of the year with a 21% increase compared to the same period last year, mainly driven by the Company’s efforts to strengthen its commercial business portfolio through its business development and Customer Relationship Management programs. Eng. Bader Saeed Al Lamki, CEO, ADNOC Distribution, commented: “We focused our efforts during the first quarter of 2023 on streamlining operations across our local and international network while ensuring our cross-border teams were well-equipped to sustain the delivery momentum of our growth trajectory through 2023 and beyond. At the same time, we maintained a healthy cash flow generation and strong financial position to deliver incremental shareholder value through efficient capital allocation.” ADNOC Distribution continued to expand its local footprint by opening six new service stations during the first quarter of the year, reaffirming its leadership across the UAE fuel retail sector with a network of 507 retail fuel stations nationwide as of 31 March 2023. It remains well positioned to achieve its full-year network expansion targets of 25 to 35 new service stations. The Company further advanced its international expansion in February 2023 by completing the acquisition of a 50% stake in TotalEnergies Marketing Egypt, one of the top four fuel retail operators in Egypt. The partnership includes a diversified downstream portfolio of 240 fuel retail stations, 100+ convenience stores, 250+ lube changing stations, and car washes, as well as wholesale fuel, aviation fuel, and lubricant operations. Since then, TotalEnergies Marketing Egypt has successfully expanded its aviation fuels business through winning the right to supply aviation fuel to Etihad Airways for flights fueled in Cairo. The Company plans to open the first ADNOC flagship service station in Cairo during Q2 2023.

Source: Emirates News Agency (WAM)

BALI, 13th May, 2023 (WAM) — Parties to the Food and Agriculture Organisation of the United Nations’ Agreement on Port State Measures (PSMA) have agreed to strengthen efforts to combat Illegal, Unreported and Unregulated (IUU) fishing by extending vessel inspections, exchanging global information and improving the capacity of developing states. The Fourth Meeting of the Parties, an event hosted by the Indonesian Government in Bali (May 8-12), has endorsed a strategy to increase adherence to the PSMA. The Parties also agreed to take the Global Information Exchange System (GIES), a digital system developed by FAO at the request of the Parties, from its current pilot phase to a fully operational system by the end of this year. “FAO is working with countries and regional fisheries management organizations to combat IUU fishing, by reviewing national legislation, identifying ways to strengthen their institutional capacity, and helping them enhance their monitoring and surveillance systems, so they can effectively implement the PSMA and other international instruments to promote sustainable fisheries,” said Manuel Barange, the Director of FAO’s Fisheries and Aquaculture Division. Currently, one in three fish stocks are overfished. With the rising demand for aquatic foods, ensuring that all stocks are managed sustainably is crucial. The PSMA has the highest rate of adherence of all international fisheries instruments. It is the first binding international agreement designed to prevent, deter and eliminate IUU fishing by stopping foreign vessels engaging in it, from using ports, landing their catches, even denying them entry. It is a key instrument to block fish products derived from IUU fishing from entering international markets. So far 75 Parties, including the European Union as one Party on behalf of its Member States, have adhered to the PSMA. This represents 59 percent of port States globally. Timor-Leste became the latest Party to the agreement at the end of last month. The Global Information Exchange System (GIES) plays a critical role in supporting the implementation of the PSMA. It is a global system that shares vital information including inspection reports and actions taken on foreign fishing vessels engaged in IUU fishing. “We need streamlined information exchange and digitalization for the PSMA to effectively combat IUU fishing,” said Matthew Camilleri, senior fishery officer and head of the Fisheries Global and Regional Processes Team in FAO’s Fisheries and Aquaculture Division.. During this Fourth Meeting of the Parties, Parties to the PSMA pledged further support to the Global Capacity Development Programme, which has to date supported more than 50 developing States in improving their capacity to combat IUU fishing. The PSMA entered into force in June 2016 and the Meeting of the Parties is convened biennially to discuss matters related to the implementation of the Agreement. The Fourth Meeting of the Parties received financial support from the Government of Norway.

Source: Emirates News Agency (WAM)