Retail Adnoc Distribution profit falls 20% on lower fuel prices By Pramod Kumar October 31, 2024, 12:12 PM Adnoc Distribution Adnoc Distribution has added 19 new stations in the UAE, Saudi Arabia and Egypt during the last nine months Adnoc Distribution, an Abu Dhabi-listed fuel and convenience retailer, said net profit fell 20 percent year on year to AED667 million ($182 million) in the third quarter of 2024, impacted by lower selling prices due to a fall in crude oil prices. Revenue, however, increased by 2 percent year on year to AED9.1 billion, driven by higher fuel volumes and growing contribution of non-fuel retail business. Excluding the impact of inventory movements, one-off items and UAE tax impact, the company said quarterly profit increased by 19 percent year on year. The nine-month net profit declined by 4 percent year on year to AED1.8 billion, affected by higher finance costs and an AED183 million UAE corporate income tax impact. Revenue increased by 6 percent year on year to AED26.6 billion, supported by higher fuel volumes, growth in non-fuel retail business and consolidation of TotalEnergies Marketing Egypt. Adnoc Distribution to pay $350m in interim dividend Adnoc Distribution reveals plans for Egypt and Saudi Arabia Adnoc Distribution to expand as earnings rise Capital expenditure increased by 9 percent annually to AED 677 million, with nearly 60 percent spent on service station projects. Adnoc Distribution expanded its retail fuel activities in the nine-month period by adding 19 new stations in the UAE, Saudi Arabia and Egypt, reaching its target of 15 to 20 new stations for the year. Including operations in Egypt, total fuel volume grew by 9 percent year on year to more than 11 billion litres, with retail fuel volumes rising by 9 percent and commercial volumes by 10 percent. The company’s liquidity stood at AED6.2 billion, comprising AED3.4 billion in cash and cash equivalents and AED2.8 billion in unutilised credit facility as of September 30, 2024.
