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Thu 14 Feb 2019 02:09 PM

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UAE's Adnoc plans further global expansion after $570m profit

UAE-based service station operator says its 2018 net profit increased by 18%

UAE's Adnoc plans further global expansion after $570m profit
Adnoc Distribution became the first fuel retailer in the UAE to service all seven emirates last year.

Adnoc Distribution, the UAE-based service station operator, on Thursday said its 2018 net profit increased by 18 percent to AED2.128 billion ($570 million).

Net cash generated from operating activities increased by 45 percent to AED4.914 billion compared to 2017, the company said in a statement, adding that further expansion of its regional and international network is planned this year.

Adnoc Distribution became the first fuel retailer in the UAE to service all seven emirates last year and now operates 376 retail fuel stations, 250 Adnoc Oasis convenience stores and 13 Géant Express convenience stores.

It also expanded its operations internationally, opening its first two service stations in Saudi Arabia.

Adnoc Distribution’s Acting CEO, Saeed Mubarak Al Rashdi, said: “Our 2018 results confirm our ambition to deliver and sustain strong financial performance through operational excellence and premium customer service.

"We generated positive momentum, driven by greater fuel offerings and service, an enhanced convenience store experience and improved quality of service. We have delivered on our business plan commitments for 2018 and remain focused on volume growth initiatives with accelerated UAE and international expansion plans. We are well on our way to make Adnoc Distribution a world-class fuel and convenience retailer.”

Adnoc Distribution said that further expansion is to come inside the UAE and internationally in 2019.

Adnoc Distribution added that its convenience stores continued to generate higher revenues, resulting from increased footfall and higher rates of conversion from fuel purchases to convenience purchases.

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