Adnoc Distribution profit up as Q1 fuel sales surge

Adnoc Distribution said first-quarter 2025 net profit rose significantly as a result of the highest-ever fuel retail sales in the UAE and Saudi Arabia.

Net profit increased 16 percent year on year to AED639 million ($174 million), Adnoc unit said in a statement on Tuesday.

The Abu Dhabi-listed fuel and convenience retailer added 20 new service stations during the quarter, bringing the network-wide total to 915, up from 846 in the first quarter of 2024. The company claimed to be on track to meet its target of 40 to 50 new stations by year-end.  

During the quarter, Adnoc Distribution contracted 15 service stations in Saudi Arabia, increasing its network to 115, up by 67 percent annually.

The company reported its highest-ever first-quarter fuel volume of 3.7 billion litres, supported by market share growth, increasing demand and network expansion in the UAE, Saudi Arabia, and Egypt.

Adnoc Distribution’s quick-service retail outlets count reached 1,165 in the UAE after adding 20 new units during the period.

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Its E2GO public EV charging network expanded with the addition of 63 new fast and super-fast charging points, bringing the total to 283 installed across the UAE, up 318 percent year on year.

The company targets to add 100 new charging points by the end of 2025, as it aims a network of more than 500 charging stations by 2028.

The fuel retailer reiterated paying an annual dividend of $700 million, or a minimum of 75 percent of net profit, whichever is higher, through 2028.

The share was trading 0.6 percent higher at AED3.42. The stock is down 3 percent year to date.