Enoc to publish financial results from next year

Emirates National Oil Company (Enoc), the 100 per cent Dubai government retail oil major, is planning to make public its financial statements from next year.

Though there are a couple of non-listed companies owned partially or fully by the Dubai government, Emirates airline is the only company which currently publishes its financials.

Hussain Sultan, chief executive officer (CEO) and board member of Enoc, said in a recent interview that Enoc will publish its annual financial statements either this year or latest by next year.

Enoc, in which the government holds a 100 per cent stake, has an equity capital of Dh500 million.

The company's value is estimated to be more than Dh2.25 billion.

The other non-listed companies in which the Dubai government holds 100 per cent stakes include Dubai Electricity and Water Authority (Dewa) with an estimated value of Dh10.16 billion, Dubal with an estimated value of Dh6.83 billion, Dnata (Dh618 million), Dubai Dry Docks (Dh568 million) and Dubai World Trade Centre (Dh164 million).

Moreover, the Dubai government holds a 14.59 per cent stake in Emirates Rawabi, 51 per cent ofCleveland Bridge And Engineering, and 50 per cent of Ducab. The government also holds a 20 per cent stake in HSBC Middle East Finance Company (Mefco).

Enoc, which has more than 25 companies in its fold, has chalked out major plans for the next five years aimed at further growing the group.

According to Sultan, this will involve major diversification plans and streng-thening of the existing divisions. Enoc has plans to enter oil storage and oil trading in a big way.

He said the company will also explore possibilities of joint ventures in the oil storage business abroad.

Enoc already has an arrangement in Saudi Arabia and it is about to undertake an oil storage venture in Djibouti.

Negotiations are already on in Egypt and a study has been initiated for setting up such a business in Singapore.

"In all these cases, we would prefer to have joint ventures with investors or the government itself, from the respective countries," Sultan said.