Adnoc Distribution's net profit for the three months to the end of March rose to Dh671m. Courtesy Adnoc
Adnoc Distribution's net profit for the three months to the end of March rose to Dh671m. Courtesy Adnoc
Adnoc Distribution's net profit for the three months to the end of March rose to Dh671m. Courtesy Adnoc
Adnoc Distribution's net profit for the three months to the end of March rose to Dh671m. Courtesy Adnoc

Adnoc Distribution's first-quarter net profit climbs 6% on strong revenue


Sarmad Khan
  • English
  • Arabic

Adnoc Distribution, the UAE’s largest fuel and convenience retailer, said its first quarter net income climbed more than 6 per cent as revenue rose on the back of strong growth in fuel sales.

Net profit for the three months to the end of March rose to Dh671 million ($182.8m), the company said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.

Revenue for the reporting period surged more than 57 per cent to Dh6.74bn, driven by higher fuel selling prices amid a rise in crude prices globally. Growth in both fuel volumes and non-fuel business of the company boosted revenue.

“Adnoc Distribution has had a positive start to 2022,” said Bader Al Lamki, chief executive of Adnoc Distribution.

“We must stay relevant and deliver on our customers’ desire for continued convenience, while ensuring we remain focused on the future, creating solutions that are evolving in response to, and ahead of, changing market dynamics.”

The company expects positive volume growth and earnings momentum to continue in both fuel and non-fuel businesses and accelerate in 2022 and beyond. It will continue to pursue its growth ambitions and reach the target of a minimum Dh3.67bn in earnings before interest, taxes, depreciation, and amortisation (Ebidta) by 2023.

The UAE economy has bounced back strongly on the back of swift mass inoculation drive and fiscal and monetary support worth Dh388bn to businesses and individuals. The country was among the first to ease pandemic-related restrictions and open up for global tourists, which helped businesses to rebound quickly.

The Arab world's second largest economy is expected to grow 4.9 per cent this year, said Japan's largest lender MUFG Bank, while Emirates NBD forecasts growth of 5.7 per cent and Abu Dhabi Commercial Bank estimates a 5.4 per cent expansion, supported by a sharp rise in the oil sector.

Energy and fuel-related businesses have also benefited from a rise in oil prices in recent quarters. Crude, which rose 67 per cent last year amid strong demand, has surged further this year following Russia's military assault in Ukraine that is threatening to disrupt global energy flows.

Brent, the benchmark for more than two thirds of the world’s oil, has already climbed to a notch under $140 per barrel this year before retreating. Emirates NBD estimates Brent will average $120 a barrel for the second and third quarters.

Adnoc Distribution said its total fuel volumes sold rose almost 11 per cent during the first three months of this year, with retail fuel volumes rising more than 10 per cent and commercial fuel volumes jumping 12 per cent year-on-year.

The company generated free cash flow of Dh1.9bn during the reporting period. It maintained a strong financial position at the end of March with liquidity of Dh6.9bn in the form of Dh4.1bn in cash and cash equivalents and Dh2.8bn in unutilised credit facilities.

Adnoc Distribution continued to increase its footprint throughout the first quarter of the year, adding to its local and international network, bring the total number of stations to 500 across all regions.

We are well on track to deliver 60-80 stations across the UAE and international markets by the end of this year
Bader Al Lamki,
chief executive, Adnoc Distribution

In Saudi Arabia, the company added 15 new stations, increasing its network to a total of 55 outlets. In the UAE, the company opened three new stations, taking its total to 464. It remains on track to deliver 20 to 30 new sites in the UAE before the end of 2022.

“Our network expansion has maintained strong momentum throughout the first quarter of the year," Mr Al Lamki said.

"We are well on track to deliver 60-80 stations across the UAE and international markets by the end of this year.”

The company's shareholders in March approved $350m dividend for the second half 2021 — which was paid in April this year — bringing the total dividend of 2021 to $700m, or 20.57 fils per share.

In March, the company's shares were included in the FTSE ADX 15 Index that represents the top 15 companies on the ADX main market. Last year, Adnoc Distribution also joined the MSCI Emerging Markets index, which is tracked by funds with assets worth billions of dollars.

The BIO:

He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal

He ascended Mount Everest the next year from the more treacherous north Tibetan side

By 2015, he had completed the Explorers Grand Slam

Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border

He carries dried camel meat, dried dates and a wheat mixture for the final summit push

His new goal is to climb 14 peaks that are more than 8,000 metres above sea level

CONFIRMED%20LINE-UP
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ABU%20DHABI'S%20KEY%20TOURISM%20GOALS%3A%20BY%20THE%20NUMBERS
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The biog

From: Upper Egypt

Age: 78

Family: a daughter in Egypt; a son in Dubai and his wife, Nabila

Favourite Abu Dhabi activity: walking near to Emirates Palace

Favourite building in Abu Dhabi: Emirates Palace

AIR
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EBen%20Affleck%3Cbr%3E%3Cbr%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EMatt%20Damon%2C%20Jason%20Bateman%2C%20Ben%20Affleck%2C%20Viola%20Davis%3Cbr%3E%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
%20Ramez%20Gab%20Min%20El%20Akher
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The%20BaaS%20ecosystem
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STAY%2C%20DAUGHTER
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Gothia Cup 2025

4,872 matches 

1,942 teams

116 pitches

76 nations

26 UAE teams

15 Lebanese teams

2 Kuwaiti teams

UAE currency: the story behind the money in your pockets
Company profile

Company: Rent Your Wardrobe 

Date started: May 2021 

Founder: Mamta Arora 

Based: Dubai 

Sector: Clothes rental subscription 

Stage: Bootstrapped, self-funded 

Who has been sanctioned?

Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.

Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.

Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.

Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.

Dengue%20fever%20symptoms
%3Cp%3EHigh%20fever%20(40%C2%B0C%2F104%C2%B0F)%3Cbr%3ESevere%20headache%3Cbr%3EPain%20behind%20the%20eyes%3Cbr%3EMuscle%20and%20joint%20pains%3Cbr%3ENausea%3Cbr%3EVomiting%3Cbr%3ESwollen%20glands%3Cbr%3ERash%26nbsp%3B%3C%2Fp%3E%0A
Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
MATCH INFO

Watford 1 (Deulofeu 80' p)

Chelsea 2 (Abraham 5', Pulisic 55')

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Floward%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ERiyadh%2C%20Saudi%20Arabia%0D%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EAbdulaziz%20Al%20Loughani%20and%20Mohamed%20Al%20Arifi%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EE-commerce%0D%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%20%3C%2Fstrong%3EAbout%20%24200%20million%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EAljazira%20Capital%2C%20Rainwater%20Partners%2C%20STV%20and%20Impact46%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E1%2C200%3C%2Fp%3E%0A
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.

Nick's journey in numbers

Countries so far: 85

Flights: 149

Steps: 3.78 million

Calories: 220,000

Floors climbed: 2,000

Donations: GPB37,300

Prostate checks: 5

Blisters: 15

Bumps on the head: 2

Dog bites: 1

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Brief scores:

​​​​​​Toss: Pakhtunkhwa Zalmi, chose to field

​Environment Agency: 193-3 (20 ov)
Ikhlaq 76 not out, Khaliya 58, Ahsan 55

Pakhtunkhwa Zalmi: 194-2 (18.3 ov)
Afridi 95 not out, Sajid 55, Rizwan 36 not out

Result: Pakhtunkhwa won by 8 wickets

Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

Some of Darwish's last words

"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008

His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.

The specs

Price, base / as tested Dh12 million

Engine 8.0-litre quad-turbo, W16

Gearbox seven-speed dual clutch auto

Power 1479 @ 6,700rpm

Torque 1600Nm @ 2,000rpm 0-100kph: 2.6 seconds 0-200kph: 6.1 seconds

Top speed 420 kph (governed)

Fuel economy, combined 35.2L / 100km (est)

About Okadoc

Date started: Okadoc, 2018

Founder/CEO: Fodhil Benturquia

Based: Dubai, UAE

Sector: Healthcare

Size: (employees/revenue) 40 staff; undisclosed revenues recording “double-digit” monthly growth

Funding stage: Series B fundraising round to conclude in February

Investors: Undisclosed

Fifa%20World%20Cup%20Qatar%202022%20
%3Cp%3E%3Cstrong%3EFirst%20match%3A%20%3C%2Fstrong%3ENovember%2020%0D%3Cbr%3E%3Cstrong%3EFinal%2016%20round%3A%20%3C%2Fstrong%3EDecember%203%20to%206%0D%3Cbr%3E%3Cstrong%3EQuarter-finals%3A%20%3C%2Fstrong%3EDecember%209%20and%2010%0D%3Cbr%3E%3Cstrong%3ESemi-finals%3A%20%3C%2Fstrong%3EDecember%2013%20and%2014%0D%3Cbr%3E%3Cstrong%3EFinal%3A%20%3C%2Fstrong%3EDecember%2018%3C%2Fp%3E%0A
Updated: May 10, 2022, 8:49 AM`