ADNOC sees over AED 500 million net profit in Q3

The Abu Dhabi National Oil Company (ADNOC) reported that its EBITDA (earnings before interest, taxes, depreciation and amortization) stood at AED 2.3 billion, with a net profit of AED 1.7 billion for the first nine months of 2021.

For the third quarter, EBITDA was AED 737 million with a net profit of AED 529 million.

The company continues to see recovery with September total fuel volumes increasing by 10.6 per cent compared to August, following the easing in travel restrictions, the successful vaccination drive across the UAE, and full reopening of schools and government offices.

In addition, ADNOC Distribution has continued to see incremental volumes from its Dubai stations, with a total of 31 stations now in operation in the emirate and a total network of 459 stations across the UAE as of September 30, 2021.

ADNOC's portfolio is expected to grow substantially after it received NOC from the Saudi General Authority for Competition (GAC) to acquire 35 stations in Saudi Arabia.

The company has continued to execute on its plans in the Kingdom, with 10 new stations added as of November 8, 2021, and total of 40-45 new stations to open in 2021.

Following are the key financial metrics covering the 2020-2021 period: (from the ADNOC Distribution press release)