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.
We set ambitious growth targets for 2020 and it is testament to our resilient business model that we not only met, but exceed guidance in terms of both new station openings and convenience store refurbishments.
ADNOC Distribution is well placed to continue building on recent success, in the UAE and beyond, in the year ahead and remains on track to reach EBITDA target of at least USD 1.0 billion by 2023. During Q4 2020, 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. These are important milestones for our company as we expand outside of the UAE and a key element of our profitable growth strategy too. We will continue to seek further international expansion opportunities and unlock incremental value for shareholders.
Ahmed Al Shamsi
Acting Chief Executive Officer
14 February 2021