ADNOC Distribution reports net profit of 624m in Q2 2024

ADNOC Distribution announced its financial results for the second quarter of 2024. The company reported a 15.0 per cent year-on-year increase to $267 million in Q2 2024 EBITDA, and a net profit of AED 624 million.

Excluding the impact of the UAE corporate tax, net profit would have increased by 24.5 per cent year-on-year to AED 686 million ($187 million).

Strong financial performance in Q2 2024 was driven by higher fuel volumes, increased contributions from international operations, and growth in the non-fuel retail business.

The company’s non-fuel retail gross profit increased to AED 205 million ($56 million), driven by contributions from the expanding car wash business, supported by new initiatives such as tunnels and upgraded automatic car washes, as well as enhanced convenience store offerings and other car services.

Growth was further supported by higher inventory gains and significant progress in cost optimisation, with AED 36 million ($10 million) in like-for-like OPEX savings achieved in H1 2024.