Adnoc Distribution's second-quarter profit almost doubles on strong fuel volumes
Adnoc Distribution reported a 94 per cent annual increase in its second-quarter net profit on the back of strong fuel volumes and retail growth. Net profit attributable to the shareholders for the three months to the end of June reached Dh1.31 billion ($358 million), the UAE's largest fuel and convenience retailer said on Wednesday in a filing to the Abu Dhabi Securities Exchange, where its…
Adnoc Distribution, the UAE's largest fuel and convenience retailer, reported a significant surge in its second-quarter net profit, nearly doubling to Dh1.31 billion ($358 million) for the three months ending in June. This marked a 94% increase compared to the same period last year. Revenue during this period also jumped by 53% year-on-year to Dh13.2 billion, setting a new record.
The company's first-half profit for the period from January to June reached Dh2 billion, a 58.5% increase. Overall revenue for the six-month period grew by 29% to Dh17.1 billion.
Bader Al Lamki, CEO of Adnoc Distribution, attributed the company's strong performance to the resilience of its diversified business model and growth strategy. Fuel volumes reached a record high of 7.75 billion litres, driven by network expansion and robust retail and commercial demand. The company's fuel retail network expanded to 1,045 service stations across the UAE, Saudi Arabia, and Egypt during the first half of the year.
Written by urgent.news from The National UAE's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
