Abu Dhabi National Oil Company For Distribution

On January 2, 2024, the Abu Dhabi National Oil Company for Distribution PJSC (ADNOC Distribution) announced the resignation of H.E. Mohamed Hassan Alsuwaidi from the company's Board of Directors, effective from January 1, 2024. The Chairman and other board members expressed their gratitude towards Alsuwaidi for his service and contributions to the company.

ADNOC Distribution, the UAE's largest fuel and convenience retailer, has reported strong Q3 2023 results. The company's EBITDA rose 28% year-on-year (Y-o-Y) to $303 million (AED1.1 billion), and net profit increased 9% Y-o-Y to $227 million (AED835 million). These results are among the strongest since the company's initial public offering in 2017. Fuel volumes sold in GCC countries (UAE and Saudi Arabia) increased by 21% Y-o-Y. Non-fuel transactions also rose by 14% Y-o-Y, with the convenience store conversion rate increasing to 24% from 21% in Q3 2022. The company also achieved its full-year 2023 target by opening 28 new stations during the first nine months of the year.

The management discussion and analysis report for the third quarter and nine months of 2023 from ADNOC highlights a growth in underlying profitability. This is driven by an increase in fuel volume and optimization of operational expenditures.

The text refers to a review report and interim financial information for the nine-month period ending on 30 September 2023, classified as internal by ADNOC.

The Board of Directors of the Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) convened on 09 November 2023 in Abu Dhabi. The meeting resulted in the approval of the company’s financial statements for the third quarter ending 30 September 2023. Other general business matters were also discussed.

The Board of Directors of Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) will hold a meeting on November 9, 2023, at 3:00 p.m. in Abu Dhabi. The meeting's agenda will include a review of the company's financial statements for the third quarter ending September 30, 2023, and discussions on other general business matters. The information was disclosed by the Market Operations Surveillance Department of the Abu Dhabi Securities Exchange.