Adnoc Distribution reported a 37 per cent year-on-year increase in net profit to $791 million during the first nine months of 2026, supported by higher fuel sales, expansion of its service station network and growing contributions from non-fuel retail and international operations.
The Abu Dhabi-listed company said earnings before interest, taxes, depreciation and amortization rise 26 per cent to $1.12 billion, while underlying Ebitda increased 14 per cent to $944 million.
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Gross profit reached $1.67 billion, up 20 per cent from the same period last year, supported by higher fuel volumes, inventory gains and contributions from its non-fuel businesses.
Fuel sales and network expansion
Adnoc Distribution recorded fuel sales volumes of 11.86 billion liters during the nine-month period, including 8.26 billion liters in retail volumes.
The company opened 71 new service stations, bringing its network to 1,081 locations by the end of September.
Having met its initial full-year expansion target ahead of schedule, Adnoc Distribution raised its 2026 guidance to 80 to 90 new stations.
The company also expanded its E2GO electric vehicle charging network by 18 per cent year-on-year and maintained plans to add 50 to 60 new charging points in 2026.
Non-fuel retail continues to grow
Gross profit from non-fuel retail increased 13 per cent to $217 million, supported by convenience stores, property management activities and a 15 per cent rise in Adnoc Rewards membership.
The company is expanding its roadside retail concept, The Hub by Adnoc, which offers three times the retail space of traditional service stations.
Eight Hub locations are currently operational, with plans to increase the number to 30 by 2030.
Adnoc Distribution also launched Engage by Adnoc, a retail advertising network supported by artificial intelligence and customer data, as part of efforts to develop additional revenue streams.
International expansion
Bader Saeed Al Lamki, Chief Executive Officer of Adnoc Distribution, said the results reflected progress in the company’s strategy to diversify its business.
“We are building on this momentum to future-proof our growth by scaling higher-margin NFR opportunities and progressing our international strategy,” he said.
The company is also pursuing the proposed acquisition of Shell Downstream South Africa, which would make South Africa its fourth market, subject to regulatory approvals and other closing conditions.
The acquisition is expected to increase earnings per share by 6 per cent in the first full year following completion.
Dividends expected to exceed $700 million
Adnoc Distribution’s board approved a third-quarter dividend of 5.14 fils per share, equivalent to $175 million, expected to be paid in early December.
The company expects total dividends for 2026 to exceed $700 million, supported by its earnings outlook.
Under its dividend policy for 2026 to 2030, The UAE fuel retailer opened 71 new service stations, recorded 11.86 billion liters in fuel sales and expects full-year dividends to exceed $700 million. Distribution plans to distribute $700 million annually or at least 75 per cent of net profit, whichever is higher.
The last day for investors to participate in the upcoming dividend is November 12, with November 16 set as the record date.
Source: Khaleej Times