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ADNOC Distribution marked a Year of Expansion, Transformation and Continued Fuel & Retail Growth in 2023

ADNOC Distribution marked a Year of Expansion, Transformation and Continued Fuel & Retail Growth in 2023

Wednesday, January 31, 2024/ Editor -  

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• Company continued network expansion and exceeded its 2023 target to open 25-35 service stations by adding 41 new stations during the year

• Non-fuel retail business delivered approximately 12.9% year-on-year growth in number of transactions and hit a four-year-high convenience store conversion rate of 24.7% 
• Company launched first phase of fast and super-fast electric vehicle charging points, reaching over 50 charging points across its UAE service stations network
• First nine ADNOC-branded service stations were launched in Egypt in 2023


Abu Dhabi, UAE – January 31, 2024: ADNOC Distribution (ISIN: AEA006101017) (Symbol: ADNOCDIST), the UAE’s largest fuel and convenience retailer, today announced early operational results from 2023, with full financial results to be shared in February 2024. The Company delivered continued fuel and retail growth, set new benchmarks in domestic and international expansion and achieved notable milestones in sustainability.


ADNOC Distribution continued to expand its network in 2023, surpassing its annual target of 25-35 new stations by opening 41 service stations across the UAE, KSA and Egypt. This brought the Company’s total network of service stations to 840 by year-end, including 597 in the UAE and KSA. 
The Company's international footprint was boosted by its acquisition of a 50% stake in TotalEnergies Marketing Egypt, a diversified business with over 240 retail fuel stations, convenience stores, aviation and lubricant businesses. In the second half of 2023, the first nine ADNOC-branded service stations were launched in strategic locations across Egypt to offer a full range of services to the local communities.


STRONG OPERATING PERFORMANCE
In 2023, the Company delivered 11.8% year-on-year rise in total fuel volumes in GCC (UAE and KSA). Retail volumes increased approximately 9.6% while commercial volumes saw around a 16.2% year-on-year increase. This rise is attributed to the region’s economic growth, heightened mobility and increased contributions from assets in the KSA. 
ADNOC Distribution registered 179.7 million fuel retail transactions in 2023, having served nearly 500,000 customers every day at its UAE service stations. The Company’s non-fuel retail business delivered 12.9% year-on-year growth in number of transactions. In addition, it recorded a four-year-high convenience store conversion rate of 24.7%. 


The Company continued to invest in sustainable mobility by accelerating the rollout of charging points for electric vehicles (EVs), launching the first phase of both fast and super-fast EV chargers across its service station network, ending the year with over 50 assets at strategic locations across its network. 


LOOKING AHEAD
Bader Saeed Al Lamki, CEO of ADNOC Distribution, said: “We look forward to deliver continued growth for the business, our shareholders, customers and partners in 2024. We will leverage our global footprint, cutting-edge technology and a customer-centric approach to fuel the next phase of our success.”.
Building on the successes of 2023, ADNOC Distribution will focus on key strategic priorities in 2024, that include achieving profitable growth, seamlessly integrating sustainability into its operations and fostering a culture of customer experience excellence. 


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