Fuel sales raise ADNOC Distribution’s profit by 6.3%

The company recorded the highest volume of fuel sales ever during Q1
Fuel sales raise ADNOC Distribution’s profit by 6.3%
ADNOC Distribution

The net profit of UAE “ADNOC Distribution” company increased in Q1 2022, supported by the growth of fuel sales to the highest level ever recorded in that quarter.

The company witnessed a recovery in the total quantities of fuel sold compared to Q1, 2021, registering an increase of 11%, according to a statement issued today, Tuesday.

Net profit rose by 6.3 percent to 671 million dirhams.

Earnings before interest, tax, depreciation and amortization increased by 7.8% year-on-year to reach AED 881 million.

The company expects more positive growth levels in 2022.

The company also expected to pay dividends for the first half of 2022 of no less than 1.285 billion dirhams, or about $350 million, in October 2022, subject to the approval of the company’s board of directors.

It is noteworthy that “ADNOC Distribution” is the leading operator of service stations in the UAE, with a market share of 67 percent of the country’s market. It is the only gas station operator in Abu Dhabi and Sharjah.

ADNOC Distribution’s network of service stations receives more than 20 million visits per month to more than 420 affiliated service stations in Abu Dhabi, Dubai, Sharjah, Ajman, Fujairah, Ras al-Khaimah and Umm al-Quwain.