Abu Dhabi-based fuel retailer ADNOC Distribution said it will continue to pursue its plans to expand its business globally by 2023, with the Middle East, North Africa and Asia among strategic areas of focus.

The international growth strategy includes exploring opportunities in fuel retail and lubricant exports, particularly in markets like Saudi Arabia and India, the company said in its annual report released on Wednesday.

The company reported a net profit of 2.25 billion dirhams ($612 million) for 2021, a decrease of 7.4 percent compared to 2020, mainly due to lower EBITDA.

Last year, ADNOC Distribution opened new stations in Saudi Arabia, bringing its total network in the kingdom to 40, including its first full-service ADNOC service station. In the UAE, the company now has a total of 462 stations.

 Reporting by Cleofe Maceda; editing by Seban Scaria)

(cleofe.maceda@lseg.com)