Adnoc Distribution, the UAE’s largest fuel and convenience retailer, said fourth-quarter profit increased 61.4 per cent on an annual basis, boosted by a surge in retail fuel volumes sold.
Net income attributable to equity holders of the company for the three months to the end of December rose to Dh677 million ($184.3 million), the company said on Wednesday in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
Revenue for the reporting period climbed by nearly 17 per cent annually to Dh9.56 billion.
Fuelled by record earnings before interest, taxes, depreciation and amortisation of $1 billion, 2023 was a “remarkable and transformative year for Adnoc Distribution”, chief executive Bader Al Lamki said.
Adnoc Distribution’s board has approved a new five-year strategy for 2024-2028.
It will include optimising existing assets to improve the company’s profitability, “doubling down” on non-fuel retail and generating new revenue streams offered by energy transition to “future-proof” Adnoc Distribution’s business, said Mr Al Lamki.
As part of optimising its assets, the company will allocate more capital expenditure to converting its fuel stations into "destinations" and "community hubs" for customers, Mr Al Lamki told The National in an interview.
Total fuel volumes sold in the October-December quarter jumped by 39 per cent year-on-year, mainly due to the consolidation of TotalEnergies Marketing Egypt, the company said.
Last year, Adnoc Distribution completed the acquisition of a 50 per cent stake in TotalEnergies Egypt, marking its entry into the country.
The company said that nine service stations were rebranded to Adnoc in Cairo last year, with further openings targeted for 2024.
“Egypt’s retail fuel, lubricants and aviation markets are highly attractive with a potential for future growth,” it said.
Fuel volumes sold in the UAE and Saudi Arabia rose 9.6 per cent annually in the fourth quarter, supported by continuing economic growth, higher mobility as well as network expansion.
Retail fuel volumes, which represent the largest portion of Adnoc Distribution's sales, increased by 7.6 per cent while commercial fuel volumes were up by 13.2 per cent.
The company said it expected a “solid outlook” for 2024 and beyond, underpinned by fuel volume growth momentum, higher contribution of non-fuel retail, and expansion in international operations.
Adnoc Distribution added 41 new stations in 2023, exceeding its full-year target to open 25-35 new stations across its network. The company expects to add 15-20 new stations across its network this year.
“In its quest to futureproof the business, the company is rapidly developing fast electric vehicle charging infrastructure across its UAE network,” it said.
Adnoc Distribution, which operates 50 EV charging points in the UAE, teamed up with Abu Dhabi National Energy Company, better known as Taqa, in January last year to create a joint venture that will build and operate electric vehicle infrastructure in Abu Dhabi.
The company, E2GO, aims to become the main provider of EV charging points and associated infrastructure across the UAE capital.
"Our our appetite for this space is solid. We believe ... sustainable mobility is the future," Mr Al Lamki told The National.
He added that Adnoc Distribution was open to supporting home-grown technologies while facilitating EV adoption in alignment with the UAE's carbon abatement strategy.
The UAE aims to increase the share of EVs to 50 per cent of the total vehicles on roads by 2050, from about 1 per cent currently.
For the full-year 2023, Adnoc Distribution's net profit dropped by 5.4 per cent year-on-year to Dh2.6 billion.
However, revenue during the same period increased by roughly 8 per cent to Dh34.63 billion.
Adnoc Distribution said that a dividend of Dh1.285 billion for the second half of 2023 would be paid out in April, depending on shareholder approval.
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Killing of Qassem Suleimani
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Mohammed bin Zayed Majlis
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
KILLING OF QASSEM SULEIMANI
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
Killing of Qassem Suleimani
Read more from Mina Al-Oraibi
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
More from Neighbourhood Watch:
More coverage from the Future Forum
if you go
The flights
Etihad and Emirates fly direct to Kolkata from Dh1,504 and Dh1,450 return including taxes, respectively. The flight takes four hours 30 minutes outbound and 5 hours 30 minute returning.
The trains
Numerous trains link Kolkata and Murshidabad but the daily early morning Hazarduari Express (3’ 52”) is the fastest and most convenient; this service also stops in Plassey. The return train departs Murshidabad late afternoon. Though just about feasible as a day trip, staying overnight is recommended.
The hotels
Mursidabad’s hotels are less than modest but Berhampore, 11km south, offers more accommodation and facilities (and the Hazarduari Express also pauses here). Try Hotel The Fame, with an array of rooms from doubles at Rs1,596/Dh90 to a ‘grand presidential suite’ at Rs7,854/Dh443.
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Match info
Manchester United 1 (Van de Beek 80') Crystal Palace 3 (Townsend 7', Zaha pen 74' & 85')
Man of the match Wilfried Zaha (Crystal Palace)
The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
