ADNOC Distribution, the United Arab Emirates’ largest fuel and convenience retailer, said its net profit increased 71% in the second quarter as strong growth in fuel sales boosted its revenue.
Growth in both fuel volumes and the company’s non-fuel businesses boosted sales.
Net profit for the three months to the end of June rose to Dh891 million ($242.61m), the company said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
Revenue for the reporting period jumped 72 percent to Dh8.63bn, driven by higher fuel selling prices amid a rise in crude prices globally.
Higher volumes of fuel sold as well as the non-fuel business of the company also supported quarterly revenue.
Net profit for the first six months of the year rose and stood at Dh1.56bn up 35.6 percent from the same period last year. Half-yearly revenue surged more than 65 percent to Dh15.3bn over the prior year period.
“We have demonstrated a healthy performance, with consistent growth and a strong balance sheet to support further growth investments and to sustain attractive capital distribution to our shareholders,” said Bader Al Lamki, chief executive of ADNOC Distribution.
“In the first half of 2022, we have maintained a strong financial and operational performance while integrating cutting-edge solutions to our customer-focused offerings.”
ADNOC Distribution announced that fuel volume increased by 9% annually in the first half of 2022, driven by trading and retail operations.
