Subscribe to Available Listings
Subscribe to receive emails about current opportunities.
Abu Dhabi-based ADNOC Distribution recorded an 8% year-on-year increase in total fuel quantities sold in the United Arab Emirates (UAE) and Saudi Arabia during the first quarter of 2023. The company maintained a strong balance sheet during the period, with free cash flow of approximately $280 million.
ADNOC Distribution operates 507 service stations across the UAE, and has committed to new stations by year-end. The company has also strengthened its international presence by concluding in February 2023 the agreement to acquire a 50% stake in the activities of TotalEnergies Marketing Egypt, one of the four largest fuel distribution companies in Egypt.
The TotalEnergies Marketing Egypt partnership will include a portfolio of 240 retail gas stations, retail stores, oil change stations, and car wash centers.
During the Q1, ADNOC Distribution invested in organic capital expenditure, while maintaining a net debt to EBITDA ratio of 1.06x.
The company is expected to continue its pace of growth during 2023, as it aims to strengthen its expansion plans by investing between 918 and 1,100 million dirhams. ADNOC Distribution will open its first branded service station in Cairo during the second quarter of 2023.