ADNOC Distribution completes acquisition of 50% stake in TotalEnergies Marketing Egypt

Abu Dhabi-based fuel and convenience retailer ADNOC Distribution has completed the acquisition of a 50 per cent stake in TotalEnergies Marketing Egypt.

The transaction, which was first announced in July 2022, marks the company’s entry into the Egyptian market.

Read: ADNOC Distribution acquires 50% stake in TotalEnergies Marketing Egypt

TotalEnergies Marketing Egypt is a fuel retail operator in the Northeast African country.

The partnership includes a downstream portfolio of 240 fuel retail stations, more than a 100 convenience stores, over 250 lube changing stations, car washes, lubricants, wholesale, and aviation fuel operations.

We are happy to share with you our latest achievement! We’ve completed the agreement to acquire a 50% stake in TotalEnergies Marketing Egypt, marking our official introduction into Egypt, and a key milestone in ADNOC Distribution’s international expansion journey. pic.twitter.com/X0vcbM9tYt

— ADNOC Distribution (@ADNOCdist) February 15, 2023

ADNOC Distribution plans to bring its Oasis convenience store to Egypt, in addition to introducing the digitally-enabled service station offering.

The company, which is listed on the Abu Dhabi Securities Exchange, recently announced its financial results for 2022, reporting $748m in net profit for the year. Its earnings before interest, tax, depreciation and amortisation (EBITDA)  grew 15 per cent to reach $958m in 2022, while its total fuel volumes and commercial volumes soared 8 per cent and 19 per cent, respectively.

Read: Abu Dhabi’s ADNOC Distribution reports 22% rise in net profit for 2022

In 2022, the company opened 68 new service stations across its network in the UAE and Saudi Arabia

“Closing this transaction marks a significant milestone in ADNOC Distribution’s international growth journey, demonstrating our ability to expand in attractive international markets, and reaffirming commitment to our Smart Growth Strategy,” said Bader Saeed Al Lamki, CEO of ADNOC Distribution.

“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.”

ADNOC Distribution opened its first service station outside the UAE in 2018 by expanding into Saudi Arabia where it currently operates 66 sites, as of December 31, 2022.

Also read: UAE’s ADNOC Distribution opens first Saudi fuel stations