ADNOC Distribution Sees 59% Profit Surge to $568 Million
ADNOC Distribution has announced a record net profit of $568 million for the first half of 2026, marking a 59% increase from the same period last year. This significant growth is attributed to higher fuel sales, network expansion, inventory gains, and growth across its non-fuel retail business. The company’s board has also approved a second-quarter dividend of 5.14 fils per share, equivalent to $175 million, which is scheduled to be paid on September 1, 2026.
The company’s fuel volumes reached a record high of 7.75 billion litres during the first six months of the year, supported by demand from retail and commercial customers. Its network across the UAE, Saudi Arabia, and Egypt expanded by 11% to 1,045 service stations. Gross profit increased 29% to $1.16 billion, while reported earnings before interest, tax, depreciation, and amortisation rose 39% to a record $786 million. Underlying EBITDA, which excludes certain one-off factors, increased 14% to $603 million.
ADNOC Distribution’s non-fuel retail business also saw significant growth, with gross profit increasing 12% due to higher customer footfall, more transactions, and a broader food and convenience offering. The company has continued to expand The Hub by ADNOC, a roadside retail format with a footprint three times larger than a traditional service station. Locations operating under this concept are expected to generate annual EBITDA of $30 million by 2030. Additionally, ADNOC Distribution has entered a partnership with Americana Restaurants International to open up to 200 quick-service restaurants across its service station network.
The company’s electric vehicle charging network, E2GO, expanded 35% from a year earlier, with the amount of electricity sold through the network more than doubling. Electric vehicles charged at ADNOC Distribution stations travelled 27.4 million low-emission kilometres during the period, twice the distance recorded a year earlier.
In other developments, ADNOC Distribution signed a definitive agreement in July to acquire Shell’s downstream business in South Africa at an implied enterprise value of $1 billion. The proposed transaction remains subject to regulatory approvals and is expected to be completed in 2027. The company expects the acquisition to increase earnings per share by 6% in the first full year following completion.
Once the second-quarter dividend is paid, ADNOC Distribution will have distributed an estimated $5.8 billion to shareholders since its initial public offering. Shareholders must own the stock by August 12 to qualify for the payout, with the shares trading without the dividend entitlement from August 13.
