Adnoc Distribution’s third-quarter net profit surges 45% on revenue boost – The National

Adnoc Distribution’s third-quarter net profit surges 45% on revenue boost – The National

Adnoc Distribution, the UAE’s largest fuel and convenience retailer, said its third-quarter net profit surged 45 per cent as revenue rose on the back of strong growth in fuel sales.

Net profit for the three months to the end of September rose to about Dh767 million ($209m), the company said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.

Revenue for the reporting period jumped 58 per cent to Dh8.5 billion, driven by higher fuel selling prices amid a rise in crude prices globally. Higher volumes of fuel sold, as well as a rise in non-fuel business, also supported quarterly revenue.