ADNOC Distribution, the largest fuel and convenience retailer in the United Arab Emirates (UAE), can play a role in the region's economic transformation, its deputy chief executive told CNBC Wednesday.
"We gain and we succeed through the investment, not just of ADNOC, but across the UAE region and I think it's very good for the region and the volume and margin growth opportunities for the future," John Carey told CNBC's Hadley Gamble.
"Our job within ADNOC is very clear, to deliver on the promises we made to our investors, we have brought foreign investment into the region, building that credibility, building that position, and delivering the results like we've done in the first quarter, that clearly is our role," he said.
Carey's comments come after ADNOC Distribution reported Wednesday a 12.1 percent rise in net profit for its first quarter, from the same period a year ago.
Net profit came in at 542.2 million UAE dirhams ($147.6 million) for the first quarter, while earnings before interest, tax, depreciation and amortization (EBITDA) rose 24.9 percent year-on-year to 702.8 million UAE dirhams.