ABU DHABI, DUBAI / MENA Newswire / — ADNOC Distribution reported a 20.7% year-on-year rise in first-quarter net profit attributable to shareholders to AED 771 million, or about $210 million, for the period ended March 31, as EBITDA rose 11.7% to AED 1.129 billion. Revenue increased 4.3% to AED 8.834 billion and gross profit climbed 12.7% to AED 1.824 billion, giving the fuel retailer and convenience operator its highest first-quarter EBITDA and net profit on record.
Total fuel volumes sold reached a first-quarter record 3.815 billion liters, up 2.4% from a year earlier. Retail fuel volumes rose 3.7% to 2.690 billion liters, led by a 6.4% increase in GCC retail volumes to 2.070 billion liters, while Egypt retail fuel volumes fell 4.2% to 621 million liters. ADNOC Distribution said the quarter was supported by fuel volume growth, stronger commercial business, higher non-fuel retail contribution and international activities.
Underlying EBITDA, which excludes inventory movements and one-off items, increased 24.0% to AED 1.121 billion, pointing to stronger operating profitability beneath headline results. Non-fuel retail gross profit rose 9.8% to AED 251 million, helped by higher transactions and improved customer offerings, while the UAE convenience store conversion rate improved 64 basis points to 25.9%. Retail revenue increased 4.8% to AED 5.968 billion and commercial segment revenue rose 3.1% to AED 2.865 billion.
Record earnings and network growth
The company added 22 service stations during the quarter, bringing its network to 1,032 sites across the United Arab Emirates, Saudi Arabia and Egypt, compared with 915 a year earlier. The total included 568 stations in the UAE, 219 in Saudi Arabia and 245 in Egypt. ADNOC Distribution reiterated its 2026 target to add 60 to 70 stations this year. Its network of fast and super-fast electric vehicle charging points in the UAE expanded to 400, up from 283 at the end of the first quarter of 2025.
Cash generation also strengthened on an adjusted basis. Free cash flow before the effect of working capital changes increased 41.1% to AED 1.028 billion, while headline free cash flow totaled AED 136 million, compared with AED 7 million a year earlier. The company ended March with liquidity of AED 5.4 billion, including AED 2.6 billion in cash and cash equivalents and AED 2.8 billion in unutilized credit facilities. Net debt to EBITDA stood at 0.67 times at quarter end.
Dividend policy and customer activity
ADNOC Distribution’s board approved a first quarterly dividend for 2026 of nearly AED 643 million, equal to 5.1425 fils per share, to be paid in June. Shareholders approved the extension of the company’s dividend policy through 2030, under which it expects to pay AED 2.57 billion a year, or at least 75% of net profit, whichever is higher. The company also reported 47.6 million fuel transactions in the UAE, up 2.1%, and 12.6 million non-fuel transactions, up 2.5%.
The business continued to expand its consumer footprint alongside fuel sales. ADNOC Distribution said it had 539 convenience stores across its network at the end of March, including 386 in the UAE, and 2.9 million ADNOC Rewards members, up 14.2% from a year earlier. Retail accounted for 70% of total volumes and commercial for 30%, underscoring the scale of its forecourt business as the group posted record first-quarter earnings and maintained expansion across its three operating markets.