ADNOC Distribution announces record earnings for first nine months of 2022

ADNOC Distribution announces record earnings for first nine months of 2022

ADNOC Distribution, the UAE’s largest fuel and convenience retailer, which is listed on the Abu Dhabi Securities Exchange (ADX), on Friday reported that its earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 26 per cent year-on-year to DH2.86 billion, and net profit up by 39 per cent year-on-year to Dh2.33 billion for the first nine months of 2022. For the third quarter, EBITDA rose by 18 per cent year-on-year to Dh868 million, while net profit increased by 45 per cent year-on-year to Dh767 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 per cent 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 per cent 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