Adnoc Distribution’s 3Q profit holds flat as inventory gains dry up + DTC sees softer demand

Adnoc Distribution’s 3Q net income was flat y-o-y at AED 818 mn, as the inventory gains that inflated its 1H earnings dried up. Rising oil prices handed the company AED 762 mn in gains on fuel held in stock in 1H, but it booked none in 3Q, according to its management discussion and analysis report (pdf). That compares with AED 88 mn in gains in 3Q 2025. Excluding inventory movements and one-offs, EBITDA rose 13.3% to a quarterly record of AED 1.25 bn.

Higher pump prices lifted revenue by 39.1% y-o-y to nearly AED 13 bn during the quarter, mostly on higher selling prices. Adnoc Distribution earns a fixed margin per liter on much of its fuel retail business, so pricier fuel swells sales far faster than income. Gross income rose 4.2% to AED 1.9 bn.

Fuel still makes up the bulk of sales, but non-fuel is where income grew fastest. Fuel retail revenue rose 36.1% to AED 8 bn in 3Q, c. 62% of the total. Non-fuel retail — from convenience stores, car care, and rentals — brought in just AED 490 mn of revenue. It still contributed AED 275 mn of gross income, up 12.9% y-o-y, making up c. 15% of the company’s total.

Over 9M, net income rose 36.6% y-o-y to AED 2.9 bn on AED 35 bn in revenue, helped by AED 762 mn in inventory gains, up from AED 234 mn a year earlier. Aviation was the fastest-growing line, with its revenue nearly doubling to AED 2.4 bn as volumes rose 49.3%, though gross income from the business inched up just 2.3%.

Dubai Taxi’s National Taxi play lifts revenue, not income

Dubai Taxi Company’s (DTC) 3Q net income dipped 25.3% y-o-y to AED 57.1 mn, despite a 25.7% increase in revenue to AED 735.5 mn, according to its financial statements (pdf). While top-line growth was buoyed by fresh consolidation, DTC’s bottom line was squeezed by a 112.1% spike in finance costs to AED 35 mn and softer demand with total trips down 5.2% y-o-y, the company said in its press release (pdf).

Where the wheels turned: The AED 1.5 bn acquisition of National Taxi, completed in July, added 6.1 mn quarterly trips and AED 168 mn in revenue — with integration about 30% complete. Taxi services generated AED 643.4 mn in revenue, while delivery-bike revenue rose 75.2% to AED 32.1 mn. Limousine and bus revenues remained broadly flat.

For 9M, revenues dipped 1.5% y-o-y to AED 118.2 mn, while net income fell 55.5% to AED 118.2 mn. DTC’s performance was uneven across segments: Taxi revenue fell 4.2% to AED 1.5 bn, while limousine revenue declined 12.9% to AED 80.7 mn. Delivery-bike revenue, however, jumped 63.2% to AED 86.6 mn, and Bus revenue grew 2.8% to AED 95.2 mn. AED 27.8 mn in license-fee waivers from Dubai’s Roads and Transport Authority provided additional cost relief for the nine-month period.