ADNOC Distribution raises station target as nine-month profit climbs 37%

Abu Dhabi fuel retailer ADNOC Distribution has raised its 2026 target for new stations to between 80 and 90 after posting a net profit of US$791 million for the January-September period, up 37 percent from a year earlier, the company said in a statement on Monday, November 9.

EBITDA climbed 26 percent to US$1.12 billion over the nine months, while underlying EBITDA reached US$944 million, 14 percent higher. Gross profit advanced 20 percent to US$1.67 billion. The company attributed the gains to stronger fuel sales, inventory gains and a bigger contribution from both its international business and its non-fuel retail (NFR) activities.

Chief Executive Officer Eng. Bader Saeed Al Lamki said the results reflected the reach of the group’s diversified platform and its disciplined approach to growth. He added that management intends to scale up higher-margin NFR opportunities and push ahead with expansion abroad.

“Through initiatives such as our proposed entry into South Africa, we are transforming into a leading international mobility and convenience retailer and creating long-term shareholder value,” he said.

71 sites opened in nine months

Between January and September the company opened 71 sites, already matching the full-year expansion goal it had originally set, and finished the period with 1,081 stations. For 2026 it still plans to add five locations of The Hub by ADNOC and between 50 and 60 extra EV charging points.

Fuel sold reached a record 11.86 billion litres, while retail volumes rose to 8.26 billion litres. Its E2GO network for electric vehicles grew 18 percent compared with the same nine months of last year.

The planned purchase of Shell Downstream South Africa, announced earlier in 2026, would take the company into a fourth country, subject to the usual regulatory approvals and closing conditions. The deal is projected to raise earnings per share by 6 percent over its first full year after closing.

Non-fuel retail up 13%

Gross profit from NFR rose 13 percent to US$217 million. Convenience stores and property management drove the gain, alongside a 15 percent increase in members of ADNOC Rewards.

The company has introduced Engage by ADNOC, a retail media network built on customer data under its AIDT (AI and Digital Transformation) strategy. More than 20 initiatives using artificial intelligence are under way across its operations, covering tasks from predicting fuel demand and streamlining supply to tailoring how it engages with customers.

The Hub by ADNOC, its roadside retail format, has a footprint three times that of a conventional service station. Eight are open today, and the company aims to have 30 running by 2030.

US$175 million Q3 dividend

Directors approved a third-quarter payout of US$175 million, or 5.14 fils per share. Once it is paid in early December, cumulative dividends since the company’s IPO will total US$6 billion.

Under the 2026-30 policy, shareholders receive whichever is greater each year: US$700 million or no less than 75 percent of net profit. The company expects this year’s total to top US$700 million.

November 12 is the last day to qualify for the quarterly payment. Shares go ex-dividend on November 13, the record date is November 16, and payment is due within 30 days of the Board meeting.