ADNOC Distribution’s net profit for Q3 has fallen to AED 529 million ($144 million), which is 21 percent lower than Q3 2020.
In a filing to Abu Dhabi Securities Exchange, the company said the fall in net profit was due to a lower fuel margin.
The company’s net profit for the first nine months of 2021 was AED 1.7 billion, six percent higher compared to the corresponding period in 2020.
Revenue for Q3 was 5.4 billion dirhams, 34 percent higher compared to the same period last year due to higher selling prices, growth in retail fuel volumes and the growth in non-fuel revenues.
Fuel volumes rose 10.6 percent in September compared to the previous month and the third quarter also saw an increase in fuel volumes because of easing of travel restrictions and growing attendance in offices and schools.
CEO Bader Saeed Al Lamki said: “The green shoots of recovery are here and accelerated growth is clear to see.”
ADNOC Distribution said it plans to open 40-45 new stations in Saudi Arabia in 2021 as part of its expansion plans for the UAE and the kingdom.
