Adnoc Distribution, the UAE’s largest fuel and convenience retailer, reported a 9 per cent rise in third-quarter profit, boosted by a double-digit growth in fuel volumes sold.
Net income attributable to equity holders of the company for the three months to the end of September rose to Dh835.4 million ($227.5 million), the company said on Friday in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
Revenue for reporting period climbed by 4.5 per cent on an annual basis to Dh8.94 billion.
“Our impressive third-quarter results are a testament to the continuous growth of our business as we witness strong momentum across both our fuel and non-fuel retail segments,” said Bader Al Lamki, chief executive of Adnoc Distribution.
“These results mark one of the strongest quarterly performances since our IPO [initial public offering].”
Total fuel volumes sold in the UAE and Saudi Arabia in the July-September quarter jumped about 21 per cent annually, driven by the company’s network expansion amid the region's sustained economic momentum.
Retail fuel volumes, which account for about 65 per cent of Adnoc Distribution's sales, increased by 14.5 per cent while commercial fuel volumes surged by 34 per cent.
The company's non-fuel business steadily expanded during the third quarter, with a 14 per cent increase in non-fuel retail transactions.
Adnoc Distribution has already achieved its 2023 full-year target of adding 25 to 35 new stations across its network and expects the business momentum to continue in the fourth quarter.
The company opened 12 new service stations during the third quarter, bringing its total network of stations to 828, of which 585 are in the UAE and Saudi Arabia.
Adnoc Distribution's net income in the first nine months of the year fell to Dh1.92 billion, from Dh2.34 billion, in the same period in 2022.
However, revenue during the same period rose by about 5 per cent to Dh25.07 billion.
Last month, Adnoc Distribution said it would use biofuel to power its heavy vehicle fleet in the UAE as part of its decarbonisation efforts.
The company's heavy vehicle fleet, which supplies fuel – including liquefied petroleum gas – to corporate customers, will be powered by the B20 biofuel, produced from waste cooking oil.
In September, Adnoc Distribution opened three service stations in Greater Cairo and announced plans to launch another six in Egypt by the end of the year as it continues to expand its international footprint.
The move followed the company's acquisition of a 50 per cent stake in TotalEnergies Marketing Egypt earlier this year.
The latest results “are driven by our commitment to creating value and attractive shareholder returns by implementing our smart growth strategy”, Mr Al Lamki said.
“This strategy includes the expansion of our domestic and international network, operational efficiency initiatives, investments in growth and the adoption of advanced technologies across our operations,” he said.
In January, Adnoc Distribution, and Abu Dhabi National Energy Company, better known as Taqa, announced a joint venture that will build and operate electric vehicle infrastructure in Abu Dhabi.
The new company, E2GO, aims to become the principal provider of EV charging points and associated infrastructure across the UAE capital.
UAE currency: the story behind the money in your pockets
About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
Destroyer
Director: Karyn Kusama
Cast: Nicole Kidman, Toby Kebbell, Sebastian Stan
Rating: 3/5
UAE release: January 31
MATCH INFO
Chelsea 3 (Abraham 11', 17', 74')
Luton Town 1 (Clark 30')
Man of the match Abraham (Chelsea)
The specs: 2018 Mercedes-Benz E 300 Cabriolet
Price, base / as tested: Dh275,250 / Dh328,465
Engine: 2.0-litre four-cylinder
Power: 245hp @ 5,500rpm
Torque: 370Nm @ 1,300rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.0L / 100km
Tori Amos
Native Invader
Decca
More from Rashmee Roshan Lall
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Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
UAE currency: the story behind the money in your pockets
HOW TO WATCH
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Killing of Qassem Suleimani
Essentials
The flights
Emirates and Etihad fly direct from the UAE to Geneva from Dh2,845 return, including taxes. The flight takes 6 hours.
The package
Clinique La Prairie offers a variety of programmes. A six-night Master Detox costs from 14,900 Swiss francs (Dh57,655), including all food, accommodation and a set schedule of medical consultations and spa treatments.
UAE currency: the story behind the money in your pockets
Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.
A semen analysis of the father showed abnormal sperm so the couple required IVF.
Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.
A specific procedure was used, called intracytoplasmic sperm injection where a single sperm cell is inserted into the egg.
On day three of the process, 14 embryos were biopsied for gender selection.
The next day, a pre-implantation genetic report revealed four normal male embryos, three female and seven abnormal samples.
Day five of the treatment saw two male embryos transferred to the patient.
The woman recorded a positive pregnancy test two weeks later.
RIVER%20SPIRIT
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More on Turkey's Syria offence
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
MATCH INFO
Barcelona 2
Suarez (10'), Messi (52')
Real Madrid 2
Ronaldo (14'), Bale (72')
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
THE%20STRANGERS'%20CASE
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