Adnoc Distribution’s third-quarter revenue climbed 39% to 12.97 billion dirhams, while net profit rose only about 1% to 818.4 million dirhams. Higher fuel sales and nonfuel retail helped support earnings as disruptions to regional oil and fuel shipments continued.
The Abu Dhabi-based company, formally Abu Dhabi National Oil Company for Distribution, reported profit of 818.4 million United Arab Emirates dirhams ($223 million) for the three months ended Sept. 30, compared with 810.9 million dirhams a year earlier. It operates fuel stations and convenience stores in the U.A.E., Saudi Arabia and Egypt, and is listed on the Abu Dhabi Securities Exchange as part of state-owned Abu Dhabi National Oil Co.
The war involving Iran, the U.S. and its regional allies has disrupted oil and fuel shipments through the Strait of Hormuz. Middle East refined-product exports in September remained below half their prewar levels, according to the International Energy Agency.
Adnoc Distribution said higher fuel volumes, inventory gains and nonfuel retail operations supported its performance over the first nine months. In the third quarter, fuel volumes increased 0.8% to 4.11 billion liters. Nonfuel retail gross profit rose 13% to $217 million for the nine-month period.
The company is also pursuing the acquisition of Shell’s downstream business in South Africa in a deal valued at about $1 billion. The transaction is subject to regulatory approvals and is expected to close in 2027.
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