Recent Research

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  FIRST LOOK NOTES

  08 Aug 2025

  ADNOC Gas

  BUY

  Last Closing Price

  3.35

  Target Price

  3.93

  Upside (%)

  +17.31%

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

  ADNOCGAS’s total sales volume increased 2.6% YOY to 931 TBTU in 2Q25, owing to strong domestic demand. The Company revised its 2025 sales volume outlook and now expects Domestic sales volume to range between 2,410–2,450 TBTU, up from the earlier estimate of 2,340–2,370 TBTU.

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  EARNINGS CALL INSIGHT

  07 Aug 2025

  ADNOC Gas

  BUY

  Last Closing Price

  3.35

  Target Price

  3.93

  Upside (%)

  +17.31%

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

  Revenue declined 4.2% YOY to USD 4,657 Mn in 2Q25, primarily due to an unfavourable pricing environment, partially offset by higher sales volumes, particularly in the domestic and LNG JV segments. Total sales volume rose 2.6% YOY to 931 trillion British thermal units (TBTU) in 2Q25. Domestic gas volume grew 5.3% YOY to 611 TBTU in 2Q25. However, Exports and Traded liquids volume declined 5.3% YOY to 252 TBTU in 2Q25.

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• 

  FIRST LOOK NOTES

  07 May 2025

  ADNOC Gas

  BUY

  Last Closing Price

  3.27

  Target Price

  3.93

  Upside (%)

  +20.18%

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

  ADNOCGAS’s total sales volume increased 1.3% YOY to 902 TBTU in 1Q25, despite maintenance activity. The Company anticipates more shutdowns for the remainder of 2025, including two major ones related to tie-ins for new growth projects.

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  EARNINGS CALL INSIGHT

  06 May 2025

  ADNOC Gas

  BUY

  Last Closing Price

  3.27

  Target Price

  3.93

  Upside (%)

  +20.18%

  UAE Equity Research - ADNOC Gas PLC 1Q25 - Earnings Call Insight

  Revenue increased 2.4% YOY to USD 4,670 Mn in 1Q25, driven by higher sales volumes, well-managed shutdowns, and favorable LNG and LPG pricing market conditions. Total sales volume rose 1.3% YOY to 902 trillion British thermal units (TBTU) in 1Q25.

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  FIRST LOOK NOTES

  27 Feb 2025

  ADNOC Gas

  BUY

  Last Closing Price

  3.43

  Target Price

  3.93

  Upside (%)

  +14.58%

  UAE Equity Research - ADNOC Gas PLC 4Q24 - First Look Note

  ADNOCGAS’s total sales volume (excluding ADNOCGAS LNG JV) declined 4.7% YOY to 869 TBTU in 4Q24. The Company expects lower sales volume in 1Q25 primarily due to planned shutdowns to maintain asset integrity and extend asset life.

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  EARNINGS CALL INSIGHT

  07 Feb 2025

  ADNOC Gas

  BUY

  Last Closing Price

  3.50

  Target Price

  3.93

  Upside (%)

  +12.29%

  UAE Equity Research - Adnoc Gas 4Q24 - Earnings Call Insight

  Revenue fell 4.3% YOY to USD 4,771 Mn in 4Q24, due to lower production volumes attributable to planned shutdowns. Total sales volume fell 4.7% YOY to 869 trillion British thermal units (TBTU) in 4Q24. Domestic gas volume declined 3.7% YOY to 567 TBTU in 4Q24. Exports and Traded liquids volume fell to 235 TBTU in 4Q24 compared to 257 TBTU in 4Q23.

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