ADNOC Distribution achieves 11.8% growth in the quantities of fuel sold in the UAE and Saudi Arabia

ADNOC Distribution, listed on the Abu Dhabi Securities Market, said that it recorded an overall increase of 11.8 percent in the quantities of fuel sold on an annual basis in the Gulf Cooperation Council region (the UAE and Saudi Arabia).

In a statement issued today, Wednesday, it indicated an annual increase of 9.6 percent in retail fuel sales, and about 16.2 percent in commercial fuel sales on an annual basis.

The company explained that it has opened about 41 new service stations in the UAE, Saudi Arabia and Egypt, exceeding its goal of opening 25-35 new service stations in 2023.

It pointed out that the total number of its stations reached 840 service stations at the end of last year, including 597 service stations in the UAE and Saudi Arabia.

Regarding the most prominent operational results during the past year, the company reported its acquisition of a 50 percent share of Total Energy Marketing Egypt’s business, which includes a diversified business portfolio that includes more than 240 retail fuel stations, retail stores, and aviation fuel and lubricating oil businesses.

It stated that it opened the first 9 service stations bearing the ADNOC Distribution brand in the second half of 2023 in strategic locations in Egypt.

ADNOC service stations in the country recorded 179.7 million retail fuel transactions, which means serving about 500,000 customers daily.

The company's non-fuel retail business achieved a strong performance, with transactions increasing by 12.9 percent year-on-year, in addition to achieving the highest conversion rate from fuel to retail stores in four years, amounting to 24.7 percent.

In addition, it launched the first phase of charging points for fast and ultra-fast electric vehicles, bringing the number of charging points available at the company’s stations by the end of the year to more than 50 in strategic locations across its network.

ADNOC Distribution said that it will announce the financial results for 2023 in February 2024.

ADNOC Distribution's profits decreased by 17 percent on an annual basis, and it recorded a profit attributable to shareholders' equity for the period ending last September 30 of 1.92 billion dirhams, compared to profits of 2,328.6 million dirhams achieved during the same period last year.