ADNOC distribution reports strong 2022 earnings

ADNOC distribution reports strong 2022 earnings

UAE’s largest fuel and convenience retailer reports Y-o-Y growth in EBITDA by 15% and Net Profit by 22%, with total fuel volumes increasing by 8% and commercial volumes up by 19% during 2022

ADNOC Distribution maintained growth momentum throughout Q4 2022 by opening 21 new UAE service stations, expanding local network beyond 500 sites mark

Non-fuel retail transactions increased by 15% during 2022, driven by ongoing focus on customer-centric initiatives such as ADNOC Rewards

ADNOC Distribution has successfully renewed its supply agreement with ADNOC for a new 5-year term

Board recommends dividend of AED 1.285 billion (10.285 fils per share) for H2 2022

Abu Dhabi, UAE: ADNOC Distribution (ISIN: AEA006101017) (Symbol: ADNOCDIST), UAE’s largest fuel and convenience retailer, which is listed on the Abu Dhabi Securities Exchange (ADX), today reported strong earnings for full-year 2022, with year-on-year growth in EBITDA by 15% to AED 3.52 billion, and net profit by 22% to AED 2.75 billion for 2022.

The company’s total fuel volumes continued to increase during the year, recording an 8% year-on-year growth through 2022 – with commercial fuel volumes up by 19%. Among the key factors contributing to the growth in fuel volumes are the continued economic expansion across the UAE, the ongoing ADNOC service