ADNOC Distribution announces record earnings for first nine months of 2022

ADNOC Distribution announces record earnings for first nine months of 2022

Total fuel volumes up 7%, with a 9% increase in non-fuel retail gross profit, driven by customer-centric initiatives and higher traffic at stations

Continued growth momentum with 47 new stations opened since the beginning of the year with about 80% of the 2022 network expansion target achieved

Commitment to distribute attractive dividends to shareholders supported by earnings growth

Abu Dhabi, UAE: ADNOC Distribution (ISIN: AEA006101017) (Symbol: ADNOCDIST), the UAE’s largest fuel and convenience retailer, which is listed on the Abu Dhabi Securities Exchange (ADX), today reported that its EBITDA rose by 26% year-on-year to AED 2.86 billion, and net profit up by 39% year-on-year to AED 2.33 billion for the first nine months of 2022. For the third quarter, EBITDA rose by 18% year-on-year to AED 868 million, while net profit increased by 45% year-on-year to AED 767 million.

With the record nine-month results, ADNOC Distribution’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.

Continued robust business growth

The company saw a year-on-year rise of 7% in total fuel volumes over the first nine months of 2022, on the back of the UAE’s continued economic growth, increased