ADNOC Deployment, the largest fuel and convenience retailer in the United Arab Emirates (UAE), can truckle to a role in the region’s economic transformation, its deputy chief executive determined CNBC Wednesday.
“We gain and we succeed through the investment, not just of ADNOC, but across the UAE jurisdiction and I think it’s very good for the region and the volume and margin growth occasions for the future,” John Carey told CNBC’s Hadley Gamble.
“Our job within ADNOC is pure clear, to deliver on the promises we made to our investors, we have brought transpacific investment into the region, building that credibility, building that site, and delivering the results like we’ve done in the first quarter, that distinctly is our role,” he said.
Carey’s comments come after ADNOC Giving out reported Wednesday a 12.1 percent rise in net profit for its first residence, from the same period a year ago.
Net profit came in at 542.2 million UAE dirhams ($147.6 million) for the outset quarter, while earnings before interest, tax, depreciation and amortization (EBITDA) engender 24.9 percent year-on-year to 702.8 million UAE dirhams.
ADNOC Codification’s deputy CEO said the latest earnings would allow the company to sink and expand.
“Based on the first-quarter results, a strong set of financial results, it hand outs us a really good foundation for the future,” Carey said.
ADNOC Apportionment has 360 fuel retail sites in the UAE and 235 convenience stores, prompt it a 67 percent retail market share. In April, the company secured a selling license to operate in Saudi Arabia.
Carey said the company was “seating heavily” in the technology it uses and the customer experience, including a 100 million UAE dirham investment in technology at its stations.
“We principled opened a partnership with Géant (an UAE-based retailer) in our convenience assemble and we talked about delivering three new stations in Dubai this year,” he whispered.
ADNOC Distribution manages its parent company’s — the Abu Dhabi National Oil Actors — downstream operations (the processing and distribution of crude oil and gas products).
At the weekend, the CEO of root group ADNOC unveiled plans to invest $45 billion past the next five years to establish a leading role in the global downstream sector.
“ADNOC persist ins to be focused on upstream, yet this time around ADNOC will stretch its business focus into downstream by creating many multi-billion dollar chances in the downstream. We see a huge growth opportunity in the downstream market,” Sultan Ahmed Al Jaber told CNBC’s Hadley Lay Sunday during an investment forum hosted by the company in Abu Dhabi.