Skip to content Skip to Search
Skip navigation

Adnoc Distribution Q3 2022 profit rises 45% to $209m

Adnoc Distribution
In addition to service stations, Adnoc Distribution has also launched Adnoc Oasis convenience stores, offering goods tailored to Egyptian customers

UAE fuel and convenience retailer Adnoc Distribution saw net profit rose 45 percent year-on-year to AED 767 million ($208.82 million) in the third quarter of 2022 and 39 percent year-on-year to AED 2.33 billion in the first nine months of 2022, the company said in a statement.

The Abu Dhabi-listed company saw a year-on-year rise of seven percent in total fuel volumes over the first nine months of 2022, driven by the UAE’s continued economic growth, increased traffic at service stations, and substantial increases in corporate fuel volumes, which rose 27 percent year-on-year.

In addition, Adnoc Distribution continued to see incremental volumes from its Dubai stations, with 37 sites now operational in the emirate and a total network of 481 stations across the UAE as of September 30, 2022.

The company’s non-fuel business continued to show strong growth over the first nine months of 2022, with an 18 percent increase in non-fuel transactions.

Non-fuel gross profit also increased by nine percent due to increased traffic at stations and higher food and beverage sales.

During the first nine months of 2022, Adnoc Distribution opened 21 new stations in the country, nine of which opened in the third quarter. 

Overseas Expansion

In its overseas expansion move, the company partnered with TotalEnergies to acquire a 50 percent stake in fuel retail operator TotalEnergies Marketing Egypt. The acquisition is expected to be completed in Q1 2023 following regulatory approvals.

The company’s growth momentum is expected to continue through the fourth quarter and beyond on the back of volumes growth, domestic and international expansion and higher non-fuel retail contribution.

Dividend Policy

Adnoc Distribution’s 2022 dividend policy is set at a minimum of AED 2.57 billion, offering an annual dividend yield of 4.6 percent at a share price of AED 4.47 as of November 10, 2022. 

The company paid a dividend of AED 1.285 billion for the first six-month of 2022 (10.285 fils per share) in October and expects to pay the second six-month dividend of 2022 (10.285 fils per share) in April 2023, subject to board and shareholders’ approval. 

Latest articles

Turkey foreign property sales

Foreigners turning back on Turkish real estate

Foreign buyers are increasingly shunning the Turkish property market, wary of high prices, the expensive cost of living and a less welcoming environment for overseas real estate investors. There were only 2,064 residential units sold to foreign buyers in May, 35 percent down on the same month last year, data issued by the state statistics […]

Adult, Male, Man

UAE to invest in Turkey’s economic sectors says minister

The UAE is willing to invest across numerous sectors in Turkey, said Emirati energy and infrastructure minister Suhail Al Mazrouei. The Gulf state is exploring opportunities in the energy, agriculture, transportation, tourism and other sectors, state-run Anadolu Agency (AA) news agency reported, citing the minister on the sidelines of the St. Petersburg International Economic Forum. […]

Rothschild Saudi

Edmond de Rothschild to run funding vehicle for Saudi projects

The Edmond de Rothschild Group is establishing a funding vehicle for infrastructure projects in Saudi Arabia along with the local firm SNB Capital, as part of a deal in which the Swiss investment bank will set up offices in the country.  Saudi Arabia’s massive economic diversification programme has run into financial obstacles as it faces […]

2KEY8G1 Emirates Airline Airbus A380 aircraft landing. Aerial view of Emirates Airlines A380-800 airplane. An Emirates plane coming in to land at LAX; a spokesperson for Emirates said the contraventions were for safety reasons

US fines Emirates for operating in prohibited airspace

Emirates has been fined $1.5 million by the US Transportation Department for operating flights carrying JetBlue Airways’ JBLU.O designator code in prohibited airspace. The transportation department said that between December 2021 and August 2022, Emirates operated a significant number of flights carrying the JetBlue Airways code between the United Arab Emirates and the United States […]