Abu Dhabi – Mubasher: Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) has recorded an 11% growth in EBITDA to AED 1.01 billion ($275 million) during the first quarter (Q1) of 25 as well as strong fuel volumes which drove double-digit year-on-year (YoY) earnings growth.
The results marked the company’s highest first-quarter EBITDA result since its 2017 initial public offering (IPO). Moreover, the underlying EBITDA increased by 13% YoY to $246 million (AED 904 million).
The net profits after tax attributable to the shareholders of ADNOC Distribution increased by 16% to AED 638.67 million ($174 million) in Q1-25 compared to AED 549.64 million in Q1-24, according to the income statements.
Meanwhile, the revenues decreased to AED 8.47 billion in Q1-25 from AED 8.74 billion in Q1-24.
The company also witnessed the highest-ever Q1 fuel volumes driven by retail sales in the UAE and Saudi Arabia.
ADNOC Distribution added 20 new service stations in Q1-25, bringing the network-wide total to 915, compared to 846 in Q1-24 while putting the company on track to meet its target of 40-50 new stations by the end of 2025.
ADNOC Distribution’s focus on the large and dynamic Saudi fuel retail market came in line with this expansion. The UAE company contracted 15 service stations in Saudi Arabia in Q1-25, growing its total network in the country by 67% to 115 compared to Q1-24.
Moreover, non-fuel retail gross profit grew 14% on an annual basis, with improvements to convenience store conversion rate, margin, and basket size.
The CEO of ADNOC Distribution, Bader Saeed Al Lamki, said: “Our record first-quarter performance demonstrates our commitment to growth and delivering sustainable and innovative solutions to our customers while creating long-term value for shareholders.”
Al Lamki elaborated: “Our outstanding Q1-25 results, with an 11% rise in EBITDA and a 16% increase in net profit, highlight ADNOC Distribution's outstanding progress against our 2024-2028 growth strategy and our commitment to operational excellence.”
The CEO concluded: “As we continue to expand our network and capabilities, adding new service stations and enhancing our customer experiences, we remain focused on capturing new opportunities and setting new benchmarks for the mobility and convenience retail industry.”
In 2024, ADNOC Distribution generated net profits after tax of AED 2.47 billion while its revenue soared to AED 35.45 billion.
The company also announced a final cash dividend of $350 million (AED 1.28 billion) for the second half (H2) of 2024, which brought the full-year dividends to $700 million (AED 2.57 billion).
