ADNOC Distribution Nine-Month Net Profit Rises 37% to $791 Million
Record fuel volumes and a larger station network lifted earnings, and the board approved a $175 million third-quarter dividend.
ADNOC Distribution earned a net profit of $791 million (AED 2.9 billion) in the first nine months of 2026, 37% more than the $579 million (AED 2.1 billion) recorded a year earlier. The figures were published on Monday.
Gross profit rose 20.2% to $1.7 billion (AED 6.1 billion) from $1.4 billion (AED 5.1 billion). Higher fuel volumes, inventory gains, international operations and non-fuel retail all fed into the increase.
Reported EBITDA climbed 26% to $1.1 billion (AED 4.1 billion), against $885 million (AED 3.3 billion) previously. Underlying EBITDA, which strips out certain non-recurring items, came to $944 million (AED 3.5 billion), up 13.6% from $831 million (AED 3.1 billion).
Record volumes, wider network
The company sold a record 11.86 billion liters of fuel during the period, of which retail accounted for 8.26 billion liters.
Non-fuel retail gross profit grew 13% to $217 million (AED 797 million), supported by convenience stores and property management.
Seventy-one service stations opened in the nine months, taking the network to 1,081 as of September 30. The UAE accounts for 570 of them, Saudi Arabia 264 and Egypt 247.
Full-year guidance for new stations was raised to 80–90, from a prior target of 60–70.
E2GO, the electric vehicle charging arm, expanded 18% year on year to 433 installed points in the UAE. Membership of ADNOC Rewards grew 15%.
The Hub by ADNOC, a larger roadside retail format offering about three times the retail space of a conventional station, now runs eight locations. ADNOC Distribution also introduced Engage by ADNOC, a data-driven retail media platform. Its digital push covers more than 20 AI-enabled initiatives, among them fuel-demand forecasting, supply-chain optimization and personalized customer engagement.
Dividend and a fourth market
The board approved a third-quarter dividend of $175 million (AED 642.7 million), equal to 5.14 fils per share. Payment is expected in early December. November 12 is the last day to participate, November 13 the ex-dividend date and November 16 the record date. Full-year 2026 dividends are expected to exceed $700 million (AED 2.6 billion).
The proposed purchase of Shell Downstream South Africa would give the company a fourth operating market alongside the UAE, Saudi Arabia and Egypt. The transaction still needs regulatory approvals and customary closing conditions. ADNOC Distribution expects it to add 6% to earnings per share in the first full year after completion.
The gap between reported EBITDA growth of 26% and underlying growth of 13.6% is where the year's story sits. A meaningful part of the headline improvement came from items outside routine trading, which is why both numbers are published. Whether fuel demand and a faster station build-out can pull the underlying line closer to the reported one is the question the dividend and the South African entry now hang on.
ADNOC Distribution also ranked 40th on a 2026 list of the Middle East's 100 most valuable companies. It plans to add 50–60 EV charging points and five Hub sites in 2026, with a longer-term target of 30 Hub locations by 2030.
