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  • UAE Flag
    FIRST LOOK NOTES
    08 May 2025
    ADNOC Distribution
    BUY
    AED 3.42
    AED 4.46
    +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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  • UAE Flag
    EARNINGS CALL INSIGHT
    07 May 2025
    ADNOC Distribution
    BUY
    AED 3.42
    AED 4.46
    +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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  • UAE Flag
    FIRST LOOK NOTES
    27 Feb 2025
    ADNOC Distribution
    BUY
    AED 3.49
    AED 4.46
    +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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  • UAE Flag
    EARNINGS CALL INSIGHT
    12 Feb 2025
    ADNOC Distribution
    BUY
    AED 3.60
    AED 4.46
    +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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  • UAE Flag
    FIRST LOOK NOTES
    05 Nov 2024
    ADNOC Distribution
    BUY
    AED 3.56
    AED 4.46
    +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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  • UAE Flag
    FIRST LOOK NOTES
    12 Oct 2024
    ADNOC Distribution
    BUY
    AED 3.41
    AED 4.46
    +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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  • UAE Flag
    FIRST LOOK NOTES
    14 May 2024
    ADNOC Distribution
    BUY
    AED 3.39
    AED 4.46
    +31.56%

    Fuel volume growth and healthy momentum in non-fuel segment drove top-line

    Total fuel volumes increased 17.3% YOY to 3.7 Bn liters in 1Q24. Fuel volumes excluding TotalEnergies Egypt rose 17.1% YOY in 1Q24.
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  • UAE Flag
    FIRST LOOK NOTES
    15 Feb 2024
    ADNOC Distribution
    BUY
    AED 3.70
    AED 4.46
    +20.54%

    Solid retail segment performance and acquisition synergies drove bottom-line

    ADNOCDIST paid an interim dividend of 10.285 fils per share for 1H23 and further proposed a dividend of 10.285 fils per share for 2H23 and a minimum of 75% of the distributable profit from 2024 onwards, according to the recently updated dividend policy.
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  • UAE Flag
    FIRST LOOK NOTES
    23 Nov 2023
    ADNOC Distribution
    BUY
    AED 3.58
    AED 4.46
    +24.58%

    Rise in fuel volumes and new station expansion support top-line

    ADNOC Distribution aims to pay a minimum dividend of USD 350 Mn for April 2024 and a minimum of 75% of the distributable profit from 2024 onwards, according to the recently updated dividend policy
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