ADNOC Distribution reports net profit of Dhs1.56bn in H1 2022

UAE’s leading fuel distributor, ADNOC Distribution reported strong first half results for 2022, recording an earnings before interest, taxes, depreciation, and amortisation (EBITDA) of Dhs1.99bn and net profits of Dhs1.56bn.

The company witnessed year-on-year growth in total fuel volumes, up 9 per cent in H1 2022 compared to H1 2021, while their corporate fuel volumes recorded sustained growth with a 27 per cent year-on-year increase.

The company’s non-fuel business also continued to see momentum with customer-centric initiatives, increased traffic at stations, and higher food and beverage sales, resulting in a 10 per cent increase in gross profit for H1 2022 compared to the same period in 2021.

ADNOC Distribution also accelerated its growth strategy throughout H1 2022, with the opening of 12 new stations in the UAE.

Bader Saeed Al Lamki, our Chief Executive Officer comments on our strong performance and H1 2022 results. #ADNOCDistribution pic.twitter.com/6yh7nqoWiH

— ADNOC Distribution (@ADNOCdist) August 8, 2022

In Saudi Arabia, the company added 26 new stations in the first half of the year, taking its network to 66. The company’s total network stands at 538 stations (as of 30 June 2022), and it remains on track to deliver its target of 60-80 new sites in 2022.

Moreover, the ADNOC Rewards programme recorded over 1 billion ADNOC Rewards points redeemed in a single calendar month. It now has over 1.4 million enrolled members, with 83 partners providing deals and discounts from some of the UAE’s best leisure and entertainment brands through the ADNOC Distribution app.

In addition, ADNOC Distribution saw the progression of its store refurbishment programme, with five ADNOC Oasis stores renovated in the first six months of the year.

In H1 2022, the total number of export network countries of ADNOC Distribution’s VOYAGER lubricants portfolio also rose to 21 markets worldwide. The company also launched the ADNOC VOYAGER green series, an alternative 100 per cent plant-based lubricant range for petrol and diesel engines.

ADNOC Distribution further advanced its international expansion by partnering with TotalEnergies, announcing its milestone transaction to acquire a 50 per cent stake in TotalEnergies for approximately Dhs683m.

Read: ADNOC Distribution acquires 50% stake in TotalEnergies Marketing Egypt