ADNOC Distribution profit up 37% to $791m in 9M 2026

ADNOC Distribution profit rose 37 per cent to $791 million in the first nine months of 2026, the Abu Dhabi-listed fuel retailer said on Monday, as record fuel volumes and new stations lifted earnings.

Net profit reached AED2.9 billion ($791 million) for the nine months to 30 September, compared with $579 million a year earlier, according to the company’s results announcement on 9 November. The company also raised its full-year target for new service stations and approved a third-quarter dividend of 5.14 fils per share.

EBITDA climbed 26 per cent year on year to $1.12 billion, while underlying EBITDA grew 14 per cent to $944 million. Gross profit came in at $1.67 billion, up 20 per cent, supported by higher fuel volumes, inventory gains and a bigger contribution from non-fuel retail and international operations, the company said.

Record fuel volumes drive ADNOC Distribution profit

Fuel volumes reached a record 11.86 billion litres over the period, with retail volumes rising to 8.26 billion litres.

Non-fuel retail, which covers convenience stores, car care and property management, generated gross profit of $217 million, up 13 per cent year on year. Membership of the ADNOC Rewards loyalty programme grew 15 per cent, the company launched a retail media network called Engage by ADNOC, and it now runs more than 20 AI-enabled initiatives across fuel demand forecasting, supply chain planning and customer engagement.

Eng. Bader Saeed Al Lamki, Chief Executive Officer of ADNOC Distribution, said the company’s “strong nine-month performance demonstrates the breadth of our diversified platform”. He added that the company is scaling higher-margin non-fuel retail and pushing ahead with its international plans as it works towards “transforming into a leading international mobility and convenience retailer”.

Network expansion target raised to 80-90 stations

The company added 71 new sites in the first nine months, which already exceeds its original guidance of 60 to 70 openings for the full year. It ended September with 1,081 stations across the UAE, Saudi Arabia and Egypt.

On the back of that pace, ADNOC Distribution lifted its 2026 guidance to between 80 and 90 new stations. It kept its targets of 50 to 60 new electric vehicle charging points and five new sites of The Hub by ADNOC, its larger roadside retail format, for the year. Eight Hub sites are now operating, and the company plans to reach 30 by 2030. Its E2GO electric vehicle charging network grew 18 per cent year on year.

Shell South Africa deal and dividend outlook

The nine-month results come as the fuel retailer prepares for its largest international step so far. In July, ADNOC Distribution signed a definitive agreement to acquire Shell Downstream South Africa at an implied enterprise value of about $1 billion, a deal that would bring roughly 580 fuel stations plus wholesale, aviation and lubricants businesses.

The transaction is subject to regulatory approvals and is expected to close in 2027. If completed, South Africa would become the company’s fourth market after the UAE, Saudi Arabia and Egypt, and management expects the acquisition to add about 6 per cent to earnings per share in its first full year.

The board approved a third-quarter dividend of 5.14 fils per share, equivalent to $175 million, to be paid in early December. That payment would take total dividends distributed since the company’s 2017 initial public offering to $6 billion. Under its 2026-2030 policy, ADNOC Distribution pays the higher of $700 million a year or at least 75 per cent of net profit, and it now expects full-year 2026 distributions to exceed $700 million.

Investors must buy the shares by 12 November, the last day to participate, to qualify for the payout. The ex-dividend date is 13 November and the record date is 16 November, the company said.

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Why it matters for Gulf investors

ADNOC Distribution is one of the more defensive names in the ADNOC Group’s listed portfolio, which also includes ADNOC Gas and ADNOC Drilling. Its earnings depend more on vehicle traffic and retail footfall than on the oil price, which has made it a dividend-focused holding for many ADX investors.

The ADNOC Distribution profit figures also show how the company is moving beyond selling fuel. Non-fuel retail is a growing source of gross profit, and the South Africa acquisition would add about 580 stations in a single new market. Both themes will shape how investors value the business as fuel demand patterns change over the coming decade.

Next up are the dividend payment in December, regulatory decisions on the Shell transaction in South Africa, and full-year 2026 results early next year, when investors will see whether the raised station guidance was met. The full nine-month results are available in the ADX filing.