Adnoc Distribution opens a new service station in Saudi Arabia

0

Adnoc Distribution, the UAE’s largest fuel and convenience retailer, has opened a new gas station in Saudi Arabia, the first fully built and operated by the company in the kingdom.

Adnoc Distribution will bring its modern fuel and convenience retail offering to the country as well as integrated Adnoc Oasis stores, car washes and vehicle service centers, the company said on Monday.

The Abu Dhabi-listed company plans to open more Adnoc gas stations in Saudi Arabia this year and in 2022, in line with its smart growth strategy, she said.

“We reaffirmed our commitment to Saudi Arabia with the intention of expanding our presence both through acquisition and organic growth,” said Bader Saeed Al Lamki, Managing Director of Adnoc Distribution.

“Having opened in the kingdom in 2018, this continued expansion is an integral part of our company’s overall strategic growth plans. We look forward to more openings. “

The company received approval to acquire 35 stations in Saudi Arabia, with 10 new stations added to the network on November 8. It is expected to open up to 45 stations in the kingdom.

Adnoc Distribution had 459 service stations in the United Arab Emirates at the end of September, including 31 stations in Dubai contributing to the additional volumes.

The company’s net profit for the first nine months of the year increased by more than 6% to reach Dh 1.68 billion ($ 457.8 million) due to the recovery in fuel volumes under of the ongoing post-coronavirus growth in the United Arab Emirates.

Revenues for the nine months to the end of September increased by around 23% to 14.7 billion dirhams.

In May, Adnoc Distribution joined the MSCI Emerging Markets Index, which is followed by funds with assets in the billions of dollars. He joined nine other companies listed in the United Arab Emirates that are part of the index.

The company was also included in the FTSE Emerging Markets Index in September. The index tracks emerging market equities around the world and includes large and mid-cap stocks.

Updated: December 20, 2021, 2:25 PM


Source link

Share.

Comments are closed.