Adnoc Distribution reported a 94 per cent annual increase in its second-quarter net profit on the back of strong fuel volumes and retail growth.
Net profit attributable to the shareholders for the three months to the end of June reached Dh1.31 billion ($358 million), the UAE's largest fuel and convenience retailer said on Wednesday in a filing to the Abu Dhabi Securities Exchange, where its shares trade.
Revenue during the three-month period surged 53 per cent year-on-year to Dh13.2 billion.
The company also posted record profit for the first half of the year, with net income attributable to the company’s shareholders for the January-June period reached Dh2 billion, up 58.5 per cent.
Revenue for the reporting period grew 29 per cent to Dh17.1 billion.
“Despite a dynamic macroeconomic environment, Adnoc Distribution delivered another record performance in the first half of 2026, demonstrating the resilience of our diversified business model and the strength of our growth strategy,” said Bader Al Lamki, chief executive of Adnoc Distribution.
Fuel volumes reached a record 7.75 billion litres, supported by network expansion, as well as resilient retail and commercial demand, Adnoc Distribution said.
The company's fuel retail network, spanning the UAE, Saudi Arabia and Egypt, increased to 1,045 service stations in the first half of the year.
As the world remains 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, Adnoc Distribution expects continued growth this year, Mr Al Lamki previously told The National.
The company said on Wednesday it would stay focused on boosting its plans for international expansion.
The fuel retailer last month signed a definitive agreement to acquire 100 per cent of Shell Downstream South Africa, for an implied enterprise value of about $1 billion, with the deal expected to be completed in 2027. The deal will see Adnoc Distribution receive a 20 per cent boost to 19.2 billion litres of sale once the deal is finalised, it said at the time.
It is also focused on also boosting its non-fuel retail segment, with plans to double such transactions by 2030 compared to 2023 levels.
“We are scaling higher-margin opportunities in non-fuel retail while continuing to strengthen our core fuel business. Building on our H1 momentum, we are accelerating innovation, expanding our digital revenue streams and progressing with the proposed acquisition of Shell Downstream South Africa,” Mr Al Lamki said.
The company is also continuing to advance its transformation into a future-focused mobility. It has launched an electric vehicle charging station between Abu Dhabi and Dubai. It said its charging network grew 35 per cent year on year in the first six months of 2026. The Hub by Adnoc, the company’s roadside retail concept, supported non-fuel retail growth during the period, it added.
Adnoc Distribution’s board approved a second-quarter dividend of 5.14 fils ($1.40) per share, payable in September, in line with its policy to deliver $700 million annually or at least 75 per cent of net profit, whichever is higher, increasing total dividends distributed since its initial public offering to $5.8 billion.
