Adnoc Distribution, the UAE’s largest fuel and convenience retailer, posted a 12 per cent annual increase in its first-half profit, underpinned by a surge in retail fuel volumes sold.
Net profit in the six months ended June climbed to $358 million, the Abu Dhabi National Oil Company unit said on Thursday in a filing to the Abu Dhabi Securities Exchange, where its shares trade.
The company said it recorded its largest-ever first-half fuel volumes of 7.62 billion litres, marking a 5.6 per cent year on year increase. It also recorded the highest earnings before interest, taxes, depreciation and amortisation (Ebitda) – a key measure of profitability, of $566 million, up 10 per cent year on year.
Meanwhile, revenue for the six-month period was down 2.4 per cent to $4.65 billion.
“Our strong H1 2025 results demonstrate the successful execution of our 2024-28 growth strategy, driven by operational excellence and customer-focused innovation,” said Bader Al Lamki, chief executive of Adnoc Distribution.
The company's net profit for the second quarter of 2025 was up nearly 9 per cent annually to $184 million, while revenue was down 1.6 per cent to $2.35 billion.
Adnoc Distribution expects to distribute dividend of $350 million (10.285 fils per share) for the first half of 2025, in October this year, in line with its dividend policy, it said.
Non-fuel business growth
Non-fuel retail transactions also increased with gross profit growing by 14.9 per cent year on year in the first half of 2025, driven by strong performance of convenience stores, car services, property management and lubricants businesses, the company said.
Adnoc Distribution processed more than 122 million transactions in the first half of the year, up about 6 per cent annually, the company's chief strategy, transformation and sustainability officer Athmane Benzerroug told The National on Thursday.
Fuelling those transactions was the company's non-fuel business, which has helped maintain its strong profit margins despite low oil prices amid a trend of more people travelling, he said.
Non-fuel retail transactions grew more than 10 per cent, while fuel transactions rose 4 per cent, "mainly driven by the initiatives and investments that we have done in technology through our [mobile] app", Mr Benzerroug added.
Oil price volatility
Oil prices have trended upwards since May, peaking on June 19 after Israel attacked Iran, but they have fallen since. That, among other geopolitical tension, has added to market volatility.
On Monday, oil prices dropped after Opec+ agreed to another large output rise in September.
Brent, the benchmark for two thirds of the world's oil, was up 0.55 per cent to $67.26 a barrel at 9.55am UAE time on Thursday. West Texas Intermediate, the gauge that tracks US crude, was trading 0.59 per cent higher at $64.73 a barrel.
Brent and WTI are now down about 10 per cent in 2025. On a year on year basis, the benchmarks have retreated more than 15 per cent.
New fuel stations
Adnoc Distribution said on Thursday it plans to add 60-70 new fuel stations by the end of 2025, ahead of schedule, with majority of those located in Saudi Arabia, the world's largest oil-exporting country. It added 47 new service stations in the first half of 2025, bringing its total network to nearly 940 – 556 in the UAE, 70 in Saudi Arabia (with 70 stations contracted and under development) and 243 in Egypt, Adnoc said.
The growth is complemented by company's 379 Oasis convenience stores across the UAE, Saudi Arabia and Egypt, along with 37 vehicle inspection centres. Other services span car wash and lube change, with the company boasting more than 300 EV charging points installed under the E2GO brand in the UAE.
“By leveraging advanced technologies, unlocking new operational efficiencies, and bringing our commitment to quality to more communities than ever before, we are well-positioned to deliver sustainable, long-term growth and superior returns for our shareholders,” said Mr Al Lamki.
Adnoc Distribution has pledged to expand further, supported by continued growth in the UAE's economy, in addition to incorporating the latest technologies to boost its operational and cost efficiencies.
A growing economy typically leads to increased demand for transportation services, resulting in the establishment of more fuel stations to meet growing consumption. The Emirates' economy grew by 4 per cent last year, driven by a strong expansion in its non-oil sector.
Abu Dhabi's economy, in particular, expanded by 3.8 per cent annually last year to reach an all-time high value of Dh1.2 trillion, state news agency Wam had reported in May.
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
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Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
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Group B
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Sunday Feb 23, 9.30am, v Iran
Monday Feb 25, 1pm, v Kuwait
Tuesday Feb 26, 9.30am, v Saudi
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Anxiety and work stress major factors
Anxiety, work stress and social isolation are all factors in the recogised rise in mental health problems.
A study UAE Ministry of Health researchers published in the summer also cited struggles with weight and illnesses as major contributors.
Its authors analysed a dozen separate UAE studies between 2007 and 2017. Prevalence was often higher in university students, women and in people on low incomes.
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“Someone will say that I have physical complaints rather than emotional complaints. This is the major problem with any discussion around depression."
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Leeds United 0
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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