Adnoc Distribution, the UAE’s largest fuel and convenience retailer, said its its first quarter net income climbed more than 6 per cent as revenue rose on the back of strong growth in fuel volumes sold.
Net profit for three months to the end of March rose to Dh671 million ($182.8m), the company said in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
Revenue for the reporting period surged more than 57 per cent to Dh6.74bn, driven by higher fuel selling prices amid a rise in crude prices globally. Growth in both fuel volumes and non-fuel business of the company boosted revenue.
“Adnoc Distribution has had a positive start to 2022,” Bader Al Lamki, chief executive of Adnoc Distribution, said.
“We must stay relevant and deliver on our customers’ desire for continued convenience, while ensuring we remain focused on the future, creating solutions that are evolving in response to, and ahead of, changing market dynamics.”
More to follow
Updated: May 10, 2022, 5:44 AM
