Skip to content Skip to Search
Skip navigation

Adnoc Distribution reports 9% quarterly profit rise

By Eva Levesque
An Adnoc petrol station in Abu Dhabi. The company opened 12 new service stations in the third quarter of 2023 Reuters/Jack Jabbour
An Adnoc petrol station in Abu Dhabi. The company opened 12 new service stations in the third quarter of 2023
  • Net profit of $227m
  • Fuel and retail both up
  • 828 service stations in total

Adnoc Distribution’s third-quarter net profit rose 9 percent year on year, boosted by double-digit growth in fuel volumes and non-fuel business, the company said in a results announcement this week.

The UAE’s largest fuel and convenience retailer, listed on the Abu Dhabi Securities Exchange, reported a net profit of AED835 million ($227 million) and a 28 percent year-on-year increase in earnings before interest, tax, depreciation and amortisation of AED1.1 billion ($303 million)

The company generated a free cash flow of AED1.447 billion ($394 million) in the third quarter of 2023. 

Adnoc Distribution CEO Bader Saeed Al Lamki noted in a statement that these are some of the strongest results since the company’s initial public offering in 2017.

“We witness strong momentum across our fuel and non-fuel retail segments,” he said.

The company recorded a 21 percent year-on-year increase and a 5 percent quarter-on-quarter growth in total fuel volumes sold in the GCC region.

Non-fuel business grew in the third quarter, with the volume of retail transactions up 14 percent.

This growth was driven by the company’s ongoing expansion in the UAE and the Mena region. Adnoc Distribution has opened 12 new service stations during the third quarter of 2023, bringing its total network to 828. 

Besides new openings in the UAE and Saudi Arabia, the company has opened three new locations across Greater Cairo in Egypt and plans to add six more.

Its international expansion received a major boost with the acquisition of a 50 percent stake in TotalEnergies Marketing LLC in Egypt earlier this year. 

The company has also focused on key areas such as developing the country’s electric vehicle (EV) charging infrastructure and hydrogen refuelling. It has established over 40 superfast EV charging points and plans to operate the first high-speed hydrogen refuelling station in the region.

Latest articles

A subsidiary of Banque Misr will open the first digital-only bank in Egypt this year

Egypt to open first digital bank later this year

Misr Digital Innovation will open Egypt’s first digital bank towards the end of the year, as it looks to appeal to the North African’s country’s younger and unbanked demographic. MTI, a subsidiary of Banque Misr, is the first bank to have received approval to establish a digital bank by the Central Bank of Egypt (CBE) […]

Mukesh Ambani, chairman and managing director of Reliance Industries which will receive the investment from AIDA and US-based KKR

Abu Dhabi’s ADIA invests in Indian warehouses

The Abu Dhabi Investment Authority (ADIA) and the US-based private equity firm KKR have invested INR 12,000 crore ($1.5 billion) in India’s Reliance Retail Ventures’ warehousing assets.  Both companies have invested equal amounts in Reliance Logistics and Warehouse Holdings (RLWH), The Economic Times, an Indian financial daily, reported, citing informed sources.  RLWH was established in […]

Saudi Arabia’s industry and mineral resources minister Bandar Al-Khorayef. The country is struggling to meet an FDI target of $100bn a year by 2030

Saudi industry minister tempts investors with funding incentives

Saudi Arabia’s ministry of investments and mineral resources is prepared to finance up to 75 percent of industrial projects in the country, as the kingdom tries to boost its low foreign direct investment (FDI) numbers.  Bandar Al-Khorayef, the minister of industry and mineral resourcespointed to well-developed infrastructure across 36 industrial cities, prefabricated factories ready to […]