ADNOC Distribution a record earnings for first nine months of 2022
The UAE’s largest fuel and convenience retailer reports 26% year-on-year growth in EBITDA and 39% in net profit.
ADNOC Distribution 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.
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.
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.
“I’m pleased with our strong financial and operational performance. We have continued to demonstrate our growth trajectory, and maintained a robust cash generation with a strong balance sheet,” said Eng. Bader Saeed Al Lamki, CEO, ADNOC Distribution.
The company’s non-fuel business continued to show strong growth over the first nine months of 2022, with an 18% increase in non-fuel transactions. Non-fuel gross profit also increased by 9%, driven by customer-centric initiatives, higher traffic at stations and higher F&B sales, alongside attractive promotions via the ADNOC Rewards program.
C-store sales continued to gain momentum during the third quarter due to the company’s commitment to its non-fuel retail strategy and increasing popularity of its specialty-grade coffee.
