Adnoc Distribution posts Dhs1.56 billion profit

Adnoc Distribution reported strong first half results for 2022, recording an EBITDA of Dhs1.99 billion and net profits of Dhs1.56 billion. Adnoc Distribution witnessed year-on-year growth in total fuel volumes, up 9% in H1 2022 compared to H1 2021, while the company’s corporate fuel volumes recorded sustained growth with a 27% year-on-year increase, underpinned by the UAE’s economic growth and driven by the new corporate fuel sales agreements confirmed last year.

The company’s non-fuel business also continued to see momentum with customer-centric initiatives, increased traffic at stations, and higher food and beverage sales, resulting in a 10% increase in gross profit for H1 2022 compared to the same period in 2021.

Adnoc Distribution accelerated delivering on its growth strategy throughout H1 2022, with the opening of 12 new stations in the UAE, of which 4 in Dubai, taking its domestic network to 472 (Dubai: 35 stations).

In the Kingdom of Saudi Arabia, the company added 26 new stations in the first half of the year, taking its network in the Kingdom to 66. The company’s total network stands at 538 stations (as of 30 June 2022), and it remains on track to deliver its target of 60-80 new sites in 2022.

In addition, Adnoc Distribution saw the progression of its store refurbishment programme, with 5 Adnoc Oasis stores renovated in the first six months of the year. The newly refurbished stores feature fresh food, barista-brewed coffee and a wider menu selection, contributing to a year-on-year increase in gross profit from non-fuel activities.

In H1 2022, the total number of export network countries of Adnoc Distribution’s VOYAGER lubricants portfolio also rose to 21 markets worldwide. The company also launched the Adnoc VOYAGER green series, an alternative 100% plant-based lubricant range for petrol and diesel engines.

WAM