Recent Research

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  FIRST LOOK NOTES

  12 Aug 2025

  ADNOC Distribution

  BUY

  Last Closing Price

  3.74

  Target Price

  4.46

  Upside (%)

  +19.25%

  UAE Equity Research -ADNOC Distribution 2Q25 - First Look Note

  Total fuel grew 10.3% YOY to 3,899 Mn liters, attributed to a double-digit growth in retail and commercial volume. The Company added 47 service stations in 1H25, achieving its initial full-year target, and revised its guidance to open 60–70 new stations in 2025, including 50-60 stations in KSA.

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  EARNINGS CALL INSIGHT

  08 Aug 2025

  ADNOC Distribution

  BUY

  Last Closing Price

  3.70

  Target Price

  4.46

  Upside (%)

  +20.54%

  UAE Equity Research - ADNOC Distribution 2Q25 - Earnings Call Insight

  Revenue fell 1.7% YOY to AED 8,638 Mn in 2Q25, mainly due to reduced selling prices stemming from a drop in crude oil prices, partially offset by increased fuel volumes in the Retail and Commercial segment, stronger contributions from the Non-fuel Retail segment.

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• 

  FIRST LOOK NOTES

  08 May 2025

  ADNOC Distribution

  BUY

  Last Closing Price

  3.42

  Target Price

  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

  3.42

  Target Price

  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

  3.49

  Target Price

  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

  3.60

  Target Price

  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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