ADNOC Distribution announces record earnings for first nine months of 2022

ADNOC Distribution announces record earnings for first nine months of 2022

ABU DHABI, 11th November, 2022 (WAM) -- ADNOC Distribution on Friday today reported that its EBITDA rose by 26% year-on-year to AED2.86 billion, and net profit up by 39% year-on-year to AED2.33 billion for the first nine months of 2022. For the third quarter, EBITDA rose by 18% year-on-year to AED868 million, while net profit increased by 45% year-on-year to AED767 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.

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 traffic at service stations, and substantial increases in corporate fuel volumes, which rose 27% year-on-year over this period.

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

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