Recent Research

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  FIRST LOOK NOTES

  08 May 2025

  ADNOC Distribution

  BUY

  Last Closing Price

  AED 3.42

  Target Price

  AED 4.46

  Upside (%)

  +30.41%

  UAE Equity Research - ADNOC Distribution 1Q25 - First Look Note

  ADNOCDIST total fuel volume marginally grew 1.1% YOY to 3.7 Bn liters in 1Q25, driven by increased mobility, network expansion, with increased share from KSA operations. The Company expects to add 40 to 50 new service stations across the network with 30 to 40 stores under the DOCO model in 2025.

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  EARNINGS CALL INSIGHT

  07 May 2025

  ADNOC Distribution

  BUY

  Last Closing Price

  AED 3.42

  Target Price

  AED 4.46

  Upside (%)

  +30.41%

  UAE Equity Research - ADNOC Distribution 1Q25 - Earnings Call Insight

  Revenue fell 3.2% YOY to AED 8,473 Mn in 1Q25, mainly due to reduced selling prices stemming from a drop in crude oil prices, partially offset by a growth in fuel volumes and higher contribution from non-fuel segment.

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• 

  FIRST LOOK NOTES

  27 Feb 2025

  ADNOC Distribution

  BUY

  Last Closing Price

  AED 3.49

  Target Price

  AED 4.46

  Upside (%)

  +27.79%

  UAE Equity Research -ADNOC Distribution (ADNOCDIST) 4Q24 - First Look Note

  The company’s total fuel volumes rose 7.2% YOY to 4 Bn liters in 4Q24 due to solid economic activity, increased mobility, and network expansion. ADNOCDIST operated 373 convenience stores in UAE as of 4Q24 and recorded 12.3% YOY growth in total non-fuel transactions to 13.4 Mn in 4Q24.

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• 

  EARNINGS CALL INSIGHT

  12 Feb 2025

  ADNOC Distribution

  BUY

  Last Closing Price

  AED 3.60

  Target Price

  AED 4.46

  Upside (%)

  +23.89%

  UAE Equity Research - ADNOC Distribution (ADNOCDIST) 4Q24 - Earnings Call Insight

  Revenue declined 7.6% YOY to AED 8,837 Mn in 4Q24 due to lower selling prices as a result of a decline in crude oil prices. Direct costs fell 10.1% YOY to AED 7,229 in 4Q24. As a result, the Gross profit rose 5.4% YOY to AED 1,608 Mn in 4Q24, mainly due to higher fuel volumes and growth in the non-fuel retail business.

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• 

  FIRST LOOK NOTES

  05 Nov 2024

  ADNOC Distribution

  BUY

  Last Closing Price

  AED 3.56

  Target Price

  AED 4.46

  Upside (%)

  +25.28%

  UAE Equity Research - ADNOC Distribution 3Q24 - First Look Note

  ADNOCDIST total fuel volume grew 9.2% YOY to 11.0 Bn liters in 9M24. Non-fuel retail gross profit rose 13.0% YOY to AED 547 Mn in 9M24. Non-fuel retail transactions in UAE increased by 9.2% YOY to 35.9 Mn in 9M24. ADNOCDIST generated a robust free cash flow of AED 1.97 Bn in 9M24. Convenience store conversion rate grew 175 bps YOY to 25.9% in 3Q24.

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• 

  FIRST LOOK NOTES

  12 Oct 2024

  ADNOC Distribution

  BUY

  Last Closing Price

  AED 3.41

  Target Price

  AED 4.46

  Upside (%)

  +30.79%

  Robust growth in fuel volume and higher contribution from non-fuel retail business boosted profitability

  ADNOCDIST total Revenue grew 8.0% YOY to AED 8.8 Bn in 2Q24. Total fuel volumes rose 4.1% YOY to 3.53 Bn liters in 2Q24.

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