The Jeuns

‘18% Growth Reported in ADNOC’s Q1’

May 9, 2024 | by The Jeuns

ADNOC Distribution, a leading company in the fuel industry, has reported strong financial results for the first quarter of 2024. The company saw an impressive 18 percent year-on-year increase in EBITDA, reaching 8 million. This growth is in line with its new five-year strategy, which focuses on domestic expansion, international platforms, and future-proofing the business.

One key factor contributing to this success is the company’s AI initiatives, such as Fill and Go, which have helped drive progress. Despite the impact of UAE Corporate Tax, ADNOC Distribution’s net profit rose to 0 million, excluding tax, representing a 13 percent increase. Fuel volumes also surged by 17 percent, with the opening of eight new stations.

Moreover, non-fuel retail transactions increased by 7 percent, showcasing the company’s diversified approach. ADNOC Distribution plans to further expand its car wash facilities and F&B brands. AI-driven operational improvements have also played a crucial role in enhancing efficiency, reducing emissions, and improving fuel delivery accuracy.

Bader Saeed Al Lamki, CEO of ADNOC Distribution, expressed his confidence in the company’s strategic direction, stating that the latest figures are a testament to their commitment to growth and innovation. He outlined ambitious operational objectives for 2028, including expanding the company’s network to 1,000 stations, increasing EV charging points, growing non-fuel transactions, and expanding convenience store offerings.

The company has already made significant progress in expanding EV charging points, with a 68 percent increase and plans to double this by the end of 2024. ADNOC Distribution’s disciplined growth strategy, coupled with substantial investments and shareholder-friendly policies, aims to sustain shareholder value and returns amidst its ambitious growth projects.

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