Adnoc Distribution, the UAE’s largest fuel and convenience retailer, said its second-quarter net profit surged 71 per cent as revenue rose on the back of strong growth in fuel sales.
Net profit for the three months to the end of June rose to Dh891 million ($242.61m), the company said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
Revenue for the reporting period jumped 72 per cent to Dh8.63bn, driven by higher fuel selling prices amid a rise in crude prices globally.
Higher volumes of fuel sold as well as non-fuel business of the company also supported quarterly revenue.
Net profit for the first six month of the year rose stood at Dh1.56bn up 35.6 per cent from the same period last year. Half-yearly revenue surged more than 65 per cent to Dh15.3bn over the prior year period.
"We have demonstrated a healthy performance, with consistent growth and a strong balance sheet to support further growth investments and to sustain attractive capital distribution to our shareholders," said Bader Al Lamki, chief executive of Adnoc Distribution.
“In the first half of 2022, we have maintained a strong financial and operational performance while integrating cutting-edge solutions to our customer-focused offerings."
Adnoc Distribution said its fuel volumes grew 9 per cent annually in the first half of 2022, driven by its commercial and retail businesses.