ADNOC Distribution says it is on track to open up to 80 new fuel stations in the UAE, Saudi Arabia by the end of 2021.
ADNOC Distribution, the UAE’s largest fuel and convenience retailer, has reported a first quarter net profit of $172M for the quarter, driven by an improvement in margins.
The company also said it is on track to open a total of up to 80 new stations across the UAE and Saudi Arabia by the end of this year, of which 30-35 are expected to be opened in the UAE.
As part of the its ongoing transformation, the company said it remains committed to reducing operating costs and ensuring continued competitiveness in the UAE fuel retail and convenience store sector.
Ahmed Al Shamsi, acting CEO of ADNOC Distribution, said: “We have progressed our smart growth strategy in the first quarter and have ambitious targets for 2021, including the opening of 70 to 80 new stations across domestic and international markets. Our focus on creating shareholder value continued in the first quarter of 2021 and we remain committed to providing strong dividend visibility.”
