ADNOC Distribution more than tripled its number of service stations in Dubai last year as the coronavirus pandemic failed to halt the fuel retailer’s expansion across the UAE.
The company said it opened a total of 64 new stations across the UAE during 2020, a 10-fold increase in delivery compared to 2019 and ahead of the company’s guidance to market of 50-60 new stations.
ADNOC Distribution also delivered 62 new convenience stores as part of the expansion, a statement said.
It added that the year saw a significant increase in ADNOC Distribution’s Dubai network, with 20 new service stations opened.
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 at the end of the year.
In addition, international growth was accelerated with the company signing an agreement to acquire 15 service stations in Saudi Arabia.
The new stations are located in the eastern region, with sites dedicated to both highway commuters as well as in-community convenience.
The company also said that its 2020 dividend policy is set to continue with a dividend of AED2.57 billion, representing an increase of 7.5 percent compared to 2019, subject to board and shareholder approval.
2020 saw the successful placement by ADNOC of an additional 10 percent of ADNOC Distribution shares to institutional investors on the Abu Dhabi Securities Exchange. A total of 1.25 billion shares, valued at $1 billion, was the largest block placement of a publicly-listed GCC company and leverages on significant investor demand for ADNOC Distribution shares, the statement added.
Follow us on
