UAE’s ADNOC earns $425m in H1 profits fueled by higher fuel demand

RIYADH: Abu Dhabi-based fuel operator ADNOC Distribution earned 1.56 billion dirhams ($425 million) in net profit for the first half of 2022, boosted by higher fuel demand and prices.

The non-oil side of the business also contributed to the rise, resulting in a 10 percent increase in gross profit from a year ago, the company reported. 

Volumes of fuel increased 9 percent as a result of growth in ADNOC Distribution's retail and commercial businesses..

ADNOC will distribute a minimum of 1.28 billion dirhams as the first half-year dividend in October. The payout for the full year will be 2.57 billion dirhams.