Abu Dhabi’s 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, Saudi Arabia and Egypt.

The total network of service stations reached 840 by 2023-end, including 597 in the UAE and Saudi Arabia, the company, which trades on the Abu Dhabi Securities Exchange, said in a statement on Wednesday.

The ADNOC subsidiary’s international footprint was also boosted by its acquisition of a 50% stake in TotalEnergies Marketing Egypt, which owns over 240 retail fuel stations, convenience stores, aviation and lubricant businesses.

In the second half of 2023, nine ADNOC-branded service stations were launched across Egypt to offer a full range of services to the local communities.

The company delivered an 11.8% year-on-year (YoY) rise in total fuel volumes in the GCC, particularly the UAE and Saudi Arabia, last year.

Retail and commercial volumes increased 9.6% and 16.2% YoY, respectively, due to the regional economic growth and increased contributions from assets in Saudi Arabia.

ADNOC Distribution registered 179.7 million fuel retail transactions last year. Similarly, the company’s non-fuel retail business transactions rose 12.9% YoY.

“We will leverage our global footprint, cutting-edge technology and a customer-centric approach to fuel the next phase of our success,” said Bader Saeed Al Lamki, CEO of ADNOC Distribution.

The company’s full financial results will be announced next month.

(Editing by Seban Scaria seban.scaria@lseg.com)