Adnoc Distribution, the UAE’s largest fuel and convenience retailer, has completed the acquisition of a 50 per cent stake in TotalEnergies Egypt, marking the Abu Dhabi company's entry into Egypt.
The deal is expected to boost the company’s earnings before interest, taxes, depreciation and amortisation by more than 6 per cent starting from the first year after completion, Adnoc Distribution said in a filing on Wednesday to the Abu Dhabi Securities Exchange, where its shares are traded.
“We are excited with our move into a fast-growing market like Egypt, which has a significant potential in fuel retail and mobility solutions,” said chief executive Bader Al Lamki.
“Closing this transaction marks a significant milestone in Adnoc Distribution’s international growth journey, demonstrating our ability to expand in attractive international markets.”
Adnoc Distribution said last year that it would take a stake in the Egyptian fuel retailer for about $186 million and make an additional earn-out of up to $17.3 million if certain conditions were met.
TotalEnergies Egypt, which operates 240 fuel retail stations and more than 100 convenience stores, also has wholesale fuel, aviation fuel and lubricant operations.
Adnoc Distribution plans to launch its signature Oasis convenience stores in Egypt, it said, without providing a timeline.
“Egypt is the Arab world’s most populous country, with great economic potential, and we look forward to bringing our offering to this dynamic market,” said Mr Al Lamki.
The company opened 21 new stations in the UAE in the fourth quarter, taking its local network to more than 500 sites.
“TotalEnergies is pleased to be joining forces with Adnoc Distribution in Egypt. The rich experience of the leading fuel distributor in the UAE will bring substantial added value,” said Thierry Pflimlin, president of marketing and services at TotalEnergies.
Adnoc Distribution's net profit for last year surged 22 per cent as revenue rose on the back of strong growth in fuel sales.
The company's 2022 revenue jumped about 54 per cent to more than Dh32 billion, driven by higher fuel selling prices amid a rise in global crude prices.
Adnoc Distribution has also been entering new sectors.
Last month, the company and Abu Dhabi National Energy Company, better known as Taqa, said they would form a joint venture that will build and operate electric vehicle infrastructure in Abu Dhabi.
The venture, E2GO, aims to become the principal provider of EV charging points and associated infrastructure across the UAE capital.
Last month the company said it planned to reduce its carbon intensity by 25 per cent by 2030.
The move is aimed at decarbonising its operations by reducing its Scope 1 carbon emissions, which come directly from its operations, and Scope 2 carbon emissions, from the energy it uses in its operations.
Adnoc Distribution said it would install solar panels to power service stations, use biofuels in its fleet of vehicles and expand its network of EV charging stations, in addition to using eco-friendly “green concrete” in the construction of service stations.
Recently, the company converted an existing $1.5 billion term loan into sustainability-linked funding, in partnership with First Abu Dhabi Bank as environmental, social and governance co-ordinator.
Profile of Tamatem
Date started: March 2013
Founder: Hussam Hammo
Based: Amman, Jordan
Employees: 55
Funding: $6m
Funders: Wamda Capital, Modern Electronics (part of Al Falaisah Group) and North Base Media
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Schedule:
Friday, January 12: Six fourball matches
Saturday, January 13: Six foursome (alternate shot) matches
Sunday, January 14: 12 singles
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
How the bonus system works
The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.
The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.
There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).
All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.
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Places to go for free coffee
- Cherish Cafe Dubai, Dubai Investment Park, are giving away free coffees all day.
- La Terrace, Four Points by Sheraton Bur Dubai, are serving their first 50 guests one coffee and four bite-sized cakes
- Wild & The Moon will be giving away a free espresso with every purchase on International Coffee Day
- Orange Wheels welcome parents are to sit, relax and enjoy goodies at ‘Café O’ along with a free coffee
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High profile Al Shabab attacks
- 2010: A restaurant attack in Kampala Uganda kills 74 people watching a Fifa World Cup final football match.
- 2013: The Westgate shopping mall attack, 62 civilians, five Kenyan soldiers and four gunmen are killed.
- 2014: A series of bombings and shootings across Kenya sees scores of civilians killed.
- 2015: Four gunmen attack Garissa University College in northeastern Kenya and take over 700 students hostage, killing those who identified as Christian; 148 die and 79 more are injured.
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War
Director: Siddharth Anand
Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor
Rating: Two out of five stars
'Ashkal'
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Opening Rugby Championship fixtures:Games can be watched on OSN Sports
Saturday: Australia v New Zealand, Sydney, 1pm (UAE)
Sunday: South Africa v Argentina, Port Elizabeth, 11pm (UAE)
Other promotions
- Deliveroo will team up with Pineapple Express to offer customers near JLT a special treat: free banana caramel dessert with all orders on January 26
- Jones the Grocer will have their limited edition Australia Day menu available until the end of the month (January 31)
- Australian Vet in Abu Dhabi (with locations in Khalifa City A and Reem Island) will have a 15 per cent off all store items (excluding medications)
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
UAE currency: the story behind the money in your pockets
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
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GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
The Details
Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5