ADNOC Distribution, a subsidiary of state-run Abu Dhabi National Oil Company, has expanded its network across the country with the opening of dozens of new stations and retail shops over the last one year.
The largest operator of petrol stations and convenience stores reported on Monday that it opened a total of 64 new stations, 62 convenience stores and 38 “On the go” outlets across the UAE in 2020, highlighting that it has delivered on its growth strategy despite the challenges posed by the coronavirus pandemic.
During the past year, the company also refurbished a total of 100 ADNOC Oasis convenience stores, while the membership of its ADNOC Rewards, the UAE’s first loyalty program for fuel retail, hit more than one million by December.
Moving forward, the company said it is set to go ahead with its plans to distribute 2.57 billion dirhams ($700 million) in dividend this year, “subject to board and shareholder approval”.
“Although a challenging year, 2020 saw a continual drive forward with delivery and to provide added value to both customers and shareholders,” the company said in a bourse filing to the Abu Dhabi Securities Exchange.
It said the number of new stations opened across the UAE last year showed a ten-fold increase in delivery compared to 2019. The expansion also included the opening of 20 new service stations in various parts of Dubai, including Business Bay, Nad Al Sheba, Al Barsha and Satwa.
“The ambitious rollout has already seen ADNOC Distribution more than triple its Dubai footprint, from six service stations at the start of 2020 to 26 stations at the end of the year,” the company said.
As for expanding its footprint overseas, the company said it has executed a definitive agreement to acquire 15 service stations in Saudi Arabia.
In March last year, ADNOC Distribution proposed a dividend worth 2.57 billion for 2020 and 2021. The company distributed a total dividend of 2.39 billion dirhams in 2019.
(Reporting by Cleofe Maceda; editing by Daniel Luiz)
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© ZAWYA 2021