Adnoc Distribution’s revenue increased in 2017 to Dh19.8 billion, according to preliminary, unaudited financial statements reported to the Abu Dhabi Securities Exchange on Wednesday.
The profit for the year rose to Dh1.8 billion and EBITDA (earnings before interest, taxes, depreciation and amortisation) was up to Dh2.3 billion.
Adnoc Distribution, the fuel and retail arm of Abu Dhabi National Oil Company (Adnoc) was listed on the Abu Dhabi Securities Exchange (ADX) on December 13 with the stock opening at Dh2.90 compared to the final IPO price of Dh2.50, a 16 per cent increase.
The company raised Dh3.1 billion through an initial public offering (IPO) and it is planning to enter into Saudi Arabia and Dubai markets by opening fuel stations and convenience stores. The company offered 10 per cent of its shares for both local and international investors.
Adnoc Distribution has 360 retail fuel stations in Abu Dhabi, Sharjah, Ajman, Fujairah, Ras Al Khaimah and Umm Al Quwain along with 235 convenience stores located across its retail fuel network.
Last month, Adnoc Distribution announced that it will open at least 13 new service stations in the UAE and Saudi Arabia in 2018 as part of its expansion plans in the region.
For the first time, the company would be opening its service stations in Dubai and Saudi Arabia.
Three new service stations are planned in Dubai, nine in Abu Dhabi, Ajman and Fujairah and at least one site in Saudi Arabia under a franchise agreement.
In addition, the company will also be completing major extensions at three existing stations in Abu Dhabi this year.
Adnoc Distribution’s audited results for 2017 are due to be released on February 25, a statement on WAM said.