ADNOC Distribution profit surges 37% on record fuel volumes

Abu Dhabi: ADNOC Distribution’s net profit rose 37 per cent year on year to $791 million or Dh2.90 billion in the first nine months of 2026, the Abu Dhabi-listed fuel retailer reported on November 9.

EBITDA climbed 26 per cent to Dh4.10 billion or $1.12 billion. Underlying EBITDA grew 14 per cent to Dh3.47 billion or  $944 million. Gross profit increased 20 per cent to Dh6.12 billion or $1.67 billion .

Fuel volumes reached a record 11.86 billion litres, including 8.26 billion litres through retail. Non-fuel retail (NFR) gross profit rose 13 per cent to $217 million or Dh797 million.

The board also approved a third-quarter dividend of 5.14 fils per share, worth $175 million or worth Dh643 million. Full-year 2026 dividends are expected to exceed $700 million.

Chief Executive Officer at ADNOC Distribution, Engineer Bader Saeed Al Lamki says the results show the company’s push into higher-margin businesses. “We are building on this momentum to future-proof our growth by scaling higher-margin NFR opportunities and progressing our international strategy,” he said.

He pointed out how its foray into South Affrica is being viewed as a change in the company’s identity. The group is “transforming into a leading international mobility and convenience retailer,” Al Lamki added.

Higher fuel volumes, inventory gains and rising contributions from NFR and international operations lifted gross profit.

Network growth

ADNOC Distribution opened 71 stations in the nine months. That met its original full-year target ahead of schedule. The company raised its 2026 guidance to 80 to 90 new stations and now operates 1,081 sites.

Non-fuel retail

NFR gross profit grew faster than fuel retail gross profit. Convenience stores and property management led the growth, while ADNOC Rewards membership rose 15 per cent.

The company launched Engage by ADNOC, a retail media network built on its AI programme. It runs more than 20 AI initiatives, covering fuel demand forecasting, supply chain optimisation and customer engagement.

Eight Hub by ADNOC roadside sites operate today. Each offers a retail footprint three times larger than a standard station. The company plans 30 by 2030, including five new sites in 2026.

Its E2GO electric vehicle charging network expanded 18 per cent. The company targets 50 to 60 new charging points this year.

International expansion

ADNOC Distribution has proposed acquiring Shell Downstream South Africa. Regulatory approvals and closing conditions apply. The deal would make South Africa its fourth country of operation. Management expects a 6 per cent uplift in earnings per share in the first full year after completion.

Dividend timeline

The third-quarter payout falls in early December. It lifts total dividends paid since the IPO to $6 billion or Dh22 billion. The 2026-30 policy commits the company to distribute the greater of $700 million or 75 per cent of net profit each year.

Shareholders must hold shares by November 12 to participate. The ex-dividend date is November 13, and the record date is November 16.