Abu Dhabi-based ADNOC Distribution is aiming to build presence in Dubai and Saudi Arabia next year, Saeed Mubarak Al Rashdi, chief executive officer, told CNBC Arabia on Wednesday.
The fuel retailer will set up two stations in Dubai and three others across the Kingdom in 2018, ahead of expanding its network to 20 and 150 stations in both markets over the next five years, respectively.
ADNOC Distribution's expansionary plan aims to boost sales and profit margins, particularly, from the fuel business, Al Rashdi said.
The company will also focus on reviving sales from its retail units amid plans to revisit construction costs of stations.
Al Rashdi added that ADNOC Distribution will pay $400 million in dividends for 2018 and 2019 each, and 60 percent of its net profit starting 2020.
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