Adnoc Distribution, the UAE’s largest fuel and convenience retailer, is considering the potential acquisition of fuel distribution assets worth $10 million in Saudi Arabia, the company said on Monday.
The company's board will review the possible deal on Wednesday, it said in a statement to the Abu Dhabi Securities Exchange, where its shares trade.
Adnoc Distribution has held long-standing ambitions to expand in Saudi Arabia, the Arab world’s largest economy.
The company listed expansion into the kingdom as one of its goals in its prospectus when it listed on the ADX three years ago and opened its first service station in the kingdom in 2018.
Adnoc Distribution currently operates more than 420 service stations in the UAE, according to its website.
The company said last month that it was in "advanced discussions to finalise land leases with landlords, as well as to grow our network inorganically" in Saudi Arabia.
“We see the Saudi Arabian fuel market as large and fragmented, with underdeveloped customer offerings," the company said.
"Adnoc Distribution’s experience and strengths can be leveraged to introduce world-class fuel station and customer service standards in Saudi Arabia to capture growth.”
The company reported a 22 per cent jump in its third-quarter profit to Dh671m ($183m) as direct costs fell by 47 per cent to Dh2.3 billion.
The company also expressed interest in expanding into Egypt, the Arab world's most populous nation.
In September, Adnoc successfully completed the placement of 1.25 billion of its shares in Adnoc Distribution with institutional investors.
This represented 10 per cent of Adnoc Distribution’s total share capital, and increased the company’s free float on the ADX to 20 per cent.
The company is the sole fuel distributor in Abu Dhabi and has a dominant market position in Sharjah, Ras Al Khaimah, Fujairah, Ajman and Umm Al Quwain.
It is rapidly expanding in Dubai, where it opened its 20th station last month, with between six and 11 more expected by the end of the year.
The expansion has already allowed the company to more than triple its footprint in the emirate, from just six stations at the start of the year.
Company%20profile
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THE SPECS
Engine: 3-litre V6
Transmission: eight-speed automatic
Power: 424hp
Torque: 580 Nm
Price: From Dh399,000
On sale: Now
The biog
Age: 46
Number of Children: Four
Hobby: Reading history books
Loves: Sports
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S24%20ULTRA
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'THE WORST THING YOU CAN EAT'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
FIXTURES
Nov 04-05: v Western Australia XI, Perth
Nov 08-11: v Cricket Australia XI, Adelaide
Nov 15-18 v Cricket Australia XI, Townsville (d/n)
Nov 23-27: 1ST TEST v AUSTRALIA, Brisbane
Dec 02-06: 2ND TEST v AUSTRALIA, Adelaide (d/n)
Dec 09-10: v Cricket Australia XI, Perth
Dec 14-18: 3RD TEST v AUSTRALIA, Perth
Dec 26-30 4TH TEST v AUSTRALIA, Melbourne
Jan 04-08: 5TH TEST v AUSTRALIA, Sydney
Note: d/n = day/night
