Adnoc Distribution on Saturday said it is assessing potential opportunities in the Indian lubricant market as it is on track to expand its global footprint.

The UAE's largest fuel retailer said it aims to grow in Saudi Arabia organically and is in advanced discussions with partners in the kingdom, which is underdeveloped in terms of customer offerings.

Its first-half net profit slipped 22.4 per cent to Dh910 million due to a decline in UAE fuel sales during the lockdown. Its revenues fell 22.6 per cent from Dh10.2 billion to Dh7.9 billion.

"We are progressing well on our international expansion strategy. We are in advanced discussions with several counterparties including landlords and retail fuel operators in Saudi Arabia to grow organically, as well as continue to explore inorganic growth opportunities. We see the Saudi Arabian fuel market as large and fragmented with underdeveloped customer offerings," the company disclosed in its Management Discussion and Analysis Report released during second-quarter results.

The company intends to introduce fuel stations in the kingdom of Saudi Arabia to capture untapped growth.

"We are also assessing potential opportunities in the Indian lubricants market to achieve disciplined growth and operational success, while targeting the highest return on investment," said Adnoc Distribution.