Abu Dhabi: Adnoc Distribution is eyeing further network growth in fuel service stations in 2019 as it focuses on expansion to grow its business.
In a statement on Monday, the fuel and retail arm of Abu Dhabi National Oil Company (Adnoc) announced the opening of a fuel service station with retail offerings at Dubai Investment Park for the first time.
“We are extremely pleased to have opened in Dubai and to be serving customers in all of the UAE’s seven emirates,” Adnoc Distribution Acting Chief Executive Officer Saeed Al Rashdi said in a statement.
“At the time of our IPO (initial public offering) in December 2017, we committed to expand our service station footprint into Saudi Arabia and Dubai before the end of 2018. As promised, these initiatives have been delivered, with further network growth to come in 2019.”
364retail fuel stations company operates in UAE recently
Currently, the company operates 364 retail fuel stations and 241 Adnoc Oasis convenience stores in Abu Dhabi and Sharjah, Ajman, Fujairah, Ras Al Khaimah and Umm Al Quwain.
Earlier this month, the company announced the opening of new petrol stations in Saudi Arabia near Riyadh and the other one in the Eastern region marking the entry of Adnoc Distribution into the Kingdom for the first time.
The two stations will be one on the Riyadh-Dammam highway around 40 kilometres from the capital. The second is in the city of Hofuf within Al Ahsa governorate.
Listed on Abu Dhabi bourse, Adnoc Distribution has posted strong financial results in the first nine of this year with the net profit going up by 28 per cent on the back of rising revenues.
Net profit for the first nine months rose to Dh1.68 billion, from Dh1.31 billion in the year-before period. In the three months to September, net profit increased by 55 per cent to Dh558 million, the company said in November.
Revenues also rose by nearly a fifth to Dh16.92 billion in the first nine months of the year.
Adnoc Distribution raised Dh3.1 billion through Initial Public Offering last year.