RIYADH: Abu Dhabi-based oil company, ADNOC Distribution, recorded a 6 percent increase in net profit in the first nine months of 2021, compared to the same period last year, reaching 1.7 billion dirhams ($462 million).
The company continues to see an increase in total fuel volumes that rose 10.6 percent in September compared to August, signaling a recovery from the pandemic.
However, the oil company said its third quarter net profit fell to 529 million dirhams, a drop of 21 percent compared to Q3 2020, due to lower fuel margin.
“We will continue to deliver on our expansion plans, domestically and internationally, which positions us as an even stronger fuel and convenience retail leader in the UAE and cements our place as a global fuel retailer,” Bader Saeed Al-Lamki, CEO of the company, said.
ADNOC Distribution aims to continue its expansion strategy both within UAE and in Saudi Arabia, planning to open 40-45 new stations in the Kingdom in 2021.