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Abu Dhabi’s ADNOC Distribution reported a 9% increase year-on-year (YoY) in Q3 2023 attributable net profit to 835 million dirhams ($227 million) on higher fuel sales and contributions from global operations.
The net profit easily beat analysts’ mean estimate of AED670.50 million, according to LSEG data.
In a statement to the Abu Dhabi Securities Exchange (ADX) on Friday, the UAE's largest fuel retailer said revenue for the quarter was AED8.94 billion versus AED8.55 billion in the year-ago period.
In Q3, the company sold total fuel volumes of 2,03 million litres, up 21% YoY. In the GCC markets fuel volumes sold reached 3,578 million litres, up 54% YoY.
Bader Saeed Al Lamki, CEO of ADNOC Distribution, said the results marked one of the strongest quarterly performances since the company's IPO in 2017. "Our impressive third-quarter results are a testament to the continuous growth of our business as we witness strong momentum across both our fuel and non-fuel retail segments."
For the nine-month period, ADNOC Distribution posted a 17% profit drop to AED1.92 billion.
(Reporting by Brinda Darasha; editing by Seban Scaria)
