Abu Dhabi’s ADNOC Distribution said on Monday it has executed two agreements to acquire 20 service stations in Saudi Arabia for AED56.9 million ($15.5 million).
This brings its total network in the kingdom to 37.
The company signed an agreement on Dec. 30 to acquire 15 service stations in Saudi Arabia.
ADNOC on Monday reported that its net profit for the fourth quarter of 2020 grew to AED851 million ($231.6 million), with underlying EBITDA (EBITDA excluding one-offs and inventory gains/losses) of AED1.1 billion ($299 million).
Commenting on the development, Acting Chief Executive Officer of ADNOC Distribution Ahmed Al Shamsi said: “I am pleased to announce ADNOC Distribution’s robust fourth-quarter and full-year performance. Through our employees’ continued dedication to ensuring customer safety and convenience, we have delivered a strong performance, despite challenging market conditions.”
Shamsi added: "We set ambitious growth targets for 2020 and it is testament to our resilient business model that we not only met but exceeded guidance in terms of both new station openings and convenience store refurbishments."
The CEO went on saying: "We announced the start of our further expansion into the Kingdom of Saudi Arabia with an agreement to acquire 15 service stations, two further agreements to acquire an additional 20 stations were announced this month.
"We will continue to seek further international expansion opportunities and unlock incremental value for shareholders."
