Skip to content Skip to Search
Skip navigation

Adnoc Distribution reports 9% quarterly profit rise

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

Flooding in Dubai affected many people's homes. Emaar has promised .free repairs for its residents, and an upgraded sewerage system is planned

Emaar promises free repairs as Dubai launches sewerage system

Emaar Properties is offering free repairs to residents whose homes were damaged during this week’s extreme flooding, as Dubai also announced an AED80 billion ($22 billion) sewerage system. The developer announced on Friday that it would repair all homes in its communities affected by the historic levels of rain, “at no cost to residents”. Emaar’s […]

A customer paying with a credit card inside the Black Friday Market in Beirut. Lebanon wants more people to move away from cash

Lebanon launches plan to promote use of bank cards

Lebanese central bank Banque du Liban announced a new agreement on Thursday that it hopes will result in a rebound in the use of bank cards. As part of the agreement, Mastercard and Visa will lower card fees on transactions, particularly for people with bank accounts based outside Lebanon. In a press release, the bank […]

Construction work in Kuwait. Nurseries, schools and shops are being built for the new residential district of Al Metlaa

Kuwait signs $140m contracts for Al Metlaa development

Kuwait’s Public Authority for Housing Welfare (PAHW) has signed two contracts worth KD42 million ($140 million) to construct public buildings in Al Metlaa, a new residential district north of Kuwait City. Nurseries, stores, schools and shops will be included, state news agency Kuna reported. Electricity connections have been provided for 109 buildings in the district, […]

Iraq gas oil

Iraq to auction 30 oil and gas projects this month

Iraq will auction 30 new oil and gas projects in two licensing rounds before the end of April. The bidding round will be held on April 27, Reuters reported, citing an oil ministry statement. Last October Iraq passed a long-awaited oil and gas law, which will help the country attract more international investments into the hydrocarbon industry and boost government revenues.  Ali Metwally, an […]