ENOC Group’s Focus on Sustainability Leads to Record Profits in FY 2023 – Business – Energy

ENOC Group Achieves Record Profitability in FY 2023

ENOC Group, a leading integrated global energy player, has announced its highest ever profitability in FY 2023. This remarkable achievement highlights the success of the company’s new long-term growth strategy, which focuses on delivering sustainable and integrated energy solutions to solidify its position as an innovative and forward-thinking energy player.

The growth strategy, which was launched early last year and is built on five strategic pillars, aims to meet the increasing demand for reliable, secure, and sustainable energy both locally and internationally. By focusing on operational efficiencies, collaboration, and the implementation of digital technologies, ENOC Group has been able to achieve exceptional business performance in 2023.

His Excellency Saif Humaid Al Falasi, Group CEO of ENOC, expressed his satisfaction with the company’s performance, stating, “Anchored on the action-oriented goals of our five-pillar growth strategy, ENOC Group is steadfastly executing its long-term sustainable vision as it leads the transition to a lower emissions and green energy future. The Group’s exceptional business performance in 2023 demonstrates its commitment to innovation and reflects our continued momentum towards driving sustainable value in the energy sector.”

In 2023, ENOC Group’s profitability soared across the value chain as the company remained dedicated to enhancing competitiveness and creating long-term value for the economy. The successful implementation of SAP over a five-year period marked a significant milestone in the company’s technological transformation, leading to improved process excellence and operational efficiencies. This move also kickstarted a comprehensive digital strategy aimed at adapting and evolving with emerging technologies and market demands.

Under the pillar of ‘Asset Optimization’, ENOC Group maximized capacity utilization across processing units and terminals, reaching a five-year high of 98% in FY2023. The company also expanded its retail station network by commissioning 14 additional sites, including a successful entry into the Abu Dhabi market. Additionally, ENOC Link, the company’s fuel delivery service, opened 7 new sites last year.

By focusing on the ‘Think Customer’ pillar, ENOC Group achieved an all-time high Customer Satisfaction (C-SAT) score of 86% in 2023. The company introduced several customer-focused initiatives to enhance the retail experience, including new fuelling formats, enhanced payment systems, and infrastructure upgrades at retail stations.

In line with its commitment to sustainability, ENOC Group made significant progress in meeting clean energy demands under the ‘Diversified Energy Solutions’ pillar. The company tested Sustainable Aviation Fuel (SAF) with Emirates Airlines and partnered with local and international entities to convert municipal solid waste to SAF. ENOC is also exploring Hydrogen as an alternate fuel and commissioned the first Green Hydrogen dual pressure station showcased during COP28 in Dubai last year.

Overall, ENOC Group’s exceptional performance in FY 2023 reflects its dedication to innovation, sustainability, and customer satisfaction. As the company continues to implement its growth strategy, it is well-positioned to capitalize on future technological advancements and market opportunities, driving sustainable value in the energy sector for years to come.