UAE’s largest fuel and convenience retailer saw revenues increase by 22.6 percent year-on-year over the opening nine months of the year to $4bn.
ADNOC Distribution has reported profits of AED1.7 billion ($463m) for the first nine months of the year, up 6.3 percent on the same period in 2020, buoyed by the recovery of fuel volumes in September, alongside the easing of travel restrictions, return to office and face-to-face learning in schools.
Bader Saeed Al Lamki, chief executive officer, ADNOC Distribution, said: “The green shoots of recovery are here and accelerated growth is clear to see.”
In September, total fuel volumes increased by 10.6 percent compared to August, with overall growth expected to continue throughout the final quarter of the year, boosted by Expo 2020 Dubai, the upcoming holiday season and a number of sporting events being hosted by the UAE.
Over the last nine months ADNOC Distribution has opened 14 new stations in the UAE, while its ADNOC Oasis refurbishment program has seen 35 stores renovated across the country.
The company has also opened ten new stations in Saudi Arabia, with 40-45 new stations planned for the kingdom this year.
Al Lamki said: “We will continue to deliver on our expansion plans, domestically and internationally, which positions us as an even stronger fuel and convenience retail leader in the UAE and cements our place as a global fuel retailer.”
ADNOC Distribution, which is listed on the Abu Dhabi Securities Exchange (ADX), currently operates 459 retail fuel stations and 342 convenience stores.
(Except for the headline, this story has not been edited by The Finance World staff and is published from a syndicated feed.)
