Adnoc Distribution, the UAE's largest fuel and convenience retailer, reported a nearly 21 per cent annual increase in its first-quarter net profit on the back of sales growth in fuel and retail.
Net profit for the first three months of the year attributable to shareholders reached Dh770.6 million ($210 million), the company said in a statement on Wednesday to the Abu Dhabi Securities Exchange, where its shares trade.
Revenue during the period grew about 4 per cent to Dh8.8 billion.
The first quarter performance was “supported by fuel volume growth, stronger commercial business, higher contribution from non-fuel retail and international activities”, the company said.
Fuel volumes in the January to March period reached 3.82 billion litres, up 2.4 per cent annually, while non-fuel retail gross profit increased 10 per cent on higher customer footfall and increased offerings.
Adnoc Distribution's strong net profit growth came “despite the dynamic operating environment”, due to its expanding network and diversified model, said chief executive Bader Al Lamki.
“We expect our strong momentum to continue for the remainder of 2026, supported by our diversified business model,” he added.
The company added 22 new service stations in the first quarter, expanding its total network to 1,032 sites. It said it remains “firmly on track” to deliver its target of adding between 60 and 70 new stations this year. Last year, Adnoc Distribution added 119 new fuel stations across the UAE, Saudi Arabia and Egypt.
Adnoc Distribution is also “optimistic” about higher fuel demand despite recent price increases as a result of higher oil prices, Mr Al Lamki told The National last week. Petrol prices in the UAE have risen for three consecutive months in March, April and May in line with global crude trends.
The world has been in the grip of an energy crisis amid the effective closure of the Strait of Hormuz, through which about a fifth of the world's oil and gas passes.
Energy infrastructure across the Gulf has also been damaged in attacks by Iran, which claimed it was retaliating for being bombed by the US and Israel.
Oil prices are up about 47 per cent since the start of the Iran war on February 28.
Adnoc Distribution said on Wednesday that it was focusing on also boosting its non-fuel retail segment. The company wants to double non-fuel transactions by 2030 compared to 2023 levels.
In January, it also revealed plans to bring electric car infrastructure to eight key UAE highways by the end of 2027 as part of efforts to “future-proof its growth”.
This included the inauguration of the region’s largest superfast electric vehicle charging site, comprising 60 high-speed charging points, on the E11 motorway between Abu Dhabi and Dubai.
