ADNOC Distribution profit jumps 37% to $791M on record fuel volumes

The latest:

Nine-month net profit at ADNOC Distribution climbed 37% year-on-year to $791 million, or AED 2.9 billion, according to results released Monday. Gross profit rose 20.2% to $1.7 billion, lifted by higher fuel volumes, inventory gains and contributions from international operations and non-fuel retail. The board approved a third-quarter dividend of $175 million and guided to full-year payouts above $700 million.

Details:

• The headline numbers: Net profit rose from $579 million a year earlier, while gross profit climbed to $1.7 billion from $1.4 billion in the same period of 2025. Reported EBITDA increased 26% to $1.1 billion, up from $885 million, according to the company’s financial results.
• Underlying earnings: Underlying EBITDA, which strips out certain non-recurring items, rose 13.6% to $944 million from $831 million. The narrower gain against the 26% jump in reported EBITDA points to one-off items inside the headline figure, including the inventory gains the company cited.
• Fuel volumes: The company sold a record 11.86 billion liters of fuel in the first nine months of 2026, of which 8.26 billion liters moved through its retail business. Volume growth was among the drivers named for the increase in gross profit.
• Network expansion: ADNOC Distribution added 71 service stations during the period, taking the network to 1,081 sites as of September 30: 570 in the UAE, 264 in Saudi Arabia and 247 in Egypt. Full-year guidance was raised to 80–90 new stations from a previous 60–70.
• Non-fuel retail: Non-fuel retail gross profit rose 13% to $217 million, supported by convenience stores and property management. ADNOC Rewards membership grew 15% year-on-year, and The Hub by ADNOC now has eight operational locations offering roughly three times the retail space of a conventional station.
• EV charging: The E2GO electric vehicle charging network expanded 18% year-on-year to 433 installed charging points across the UAE. The company plans 50–60 further charging points during 2026, alongside five new Hub locations and a longer-term target of 30 Hub sites by 2030.
• Digital push: The company launched Engage by ADNOC, a data-driven retail media platform, within a digital strategy spanning more than 20 AI-enabled initiatives, including fuel-demand forecasting and supply-chain optimization. It did not break out the spending behind them.
• South Africa deal: ADNOC Distribution is pursuing the proposed acquisition of Shell Downstream South Africa, which would add a fourth operating market. The company expects the deal to lift earnings per share by 6% in the first full year after completion. No closing date was announced.
• Dividend mechanics: The third-quarter dividend equals 5.14 fils per share and is expected to be paid in early December. November 12 is the last day to participate, November 13 the ex-dividend date and November 16 the record date.
• Ranking: The company placed 40th on Forbes Middle East’s 100 Most Valuable Companies 2026 list.

Background:

ADNOC Distribution operates fuel retail and convenience businesses across the UAE, Saudi Arabia and Egypt, having expanded beyond its home market in recent years. Its growth plan combines new station rollouts, convenience retail and EV charging alongside acquisitions abroad.

Between the lines:

The gap between 26% reported EBITDA growth and 13.6% underlying growth suggests a meaningful share of the improvement came from items the company itself classifies as non-recurring, including inventory gains. The more durable signals sit elsewhere: record volumes, 71 added stations and a raised full-year target. The South Africa transaction remains subject to approvals, so the projected 6% earnings-per-share uplift is conditional, not booked.

What’s next

Watch the November 12 participation deadline and November 16 record date ahead of the early-December payment, plus regulatory decisions on the Shell Downstream South Africa acquisition and whether the company hits its raised 80–90 station target.