Abu Dhabi fuel retailer Adnoc Distribution reported a record quarterly gross profit of AD1.726bn ($470mn) for 3Q20, up 39% from Q2, the company announced on 11 November. 3Q20 revenues of $1.10bn are down 29% on the year-ago record figure. Since the end of June its retail sales volumes “show steady recovery” following the impact of the Covid-19 pandemic on transport fuels consumption. It currently operates “over 360” retail outlets in the UAE, according to its website.

Adnoc Distribution had opened 37 new retail outlets in the UAE by the end of September, a sixfold increase on the first nine months of 2019, including 11 in Dubai. The firm remains “on track to deliver 50-60 new stations by the end of 2020” including 20-25 in Dubai. While Dubai is the focus of expansion, in competition with local retailer Enoc’s current 136 stations, Adnoc Distribution opened two retail stations in Saudi Arabia in 2018 and is looking to expand further in the kingdom. (CONTINUED - 153 WORDS)