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  • UAE Flag
    FIRST LOOK NOTES
    27 Feb 2025
    ADNOC Gas
    BUY
    AED 3.43
    AED 3.93
    +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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  • UAE Flag
    EARNINGS CALL INSIGHT
    07 Feb 2025
    ADNOC Gas
    BUY
    AED 3.50
    AED 3.93
    +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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  • UAE Flag
    FIRST LOOK NOTES
    14 Nov 2024
    ADNOC Gas
    BUY
    AED 3.35
    AED 3.93
    +17.31%

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

    ADNOCGAS’s total production volume (excluding ADNOCGAS LNG JV) declined 2.1% YOY to 876 TBTU in 3Q24. ADNOCGAS increased its guidance for export & traded liquid sales volume from 940-960 TBTU to 970-990 TBTU and for LNG JV products from 240-260 TBTU to 250-270 TBTU in 2024.
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  • UAE Flag
    FIRST LOOK NOTES
    12 Oct 2024
    ADNOC Gas
    BUY
    AED 3.11
    AED 3.93
    +26.37%

    Strong revenue growth amid favorable pricing boosted profitability

    ADNOCGAS’s total production volume (excluding ADNOCGAS LNG JV) grew 2.2% YOY to 846 TBTU in 2Q24, driven by an increase in export & trading liquids volume partially offset by a marginal decline in domestic gas volume.
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  • UAE Flag
    FIRST LOOK NOTES
    15 May 2024
    ADNOC Gas
    BUY
    AED 3.06
    AED 3.93
    +28.43%

    Higher sales volumes and improved pricing supported profitability

    ADNOCGAS’s total production volume (excluding LNG JV) grew 14.2% YOY to 822 TBTU in 1Q24 driven by an increase in production from Domestic gas and Trading and export products.
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  • UAE Flag
    FIRST LOOK NOTES
    19 Mar 2024
    ADNOC Gas
    BUY
    AED 3.18
    AED 3.93
    +23.58%

    Higher production volume and a positive price environment supported profitability

    ADNOCGAS awarded contracts worth USD 4.9 Bn in 2023, with USD 3.6 Bn allocated for expanding gas processing infrastructure in the UAE.
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  • UAE Flag
    FIRST LOOK NOTES
    24 Nov 2023
    ADNOC Gas
    BUY
    AED 3.28
    AED 3.93
    +19.82%

    Lower energy prices impacted profit

    ADNOCGAS awarded contracts worth USD 3.6 Bn for UAE gas infrastructure expansion and approved a USD 615 Mn contract for a carbon capture project.
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  • UAE Flag
    FIRST LOOK NOTES
    15 Aug 2023
    ADNOC Gas
    ACCUMULATE
    AED 3.57
    AED 3.93
    +10.08%

    Decline in energy prices impacted profitability

    To support its growth strategy, the Company awarded contracts worth USD 1.34 Bn to extend the natural gas pipeline, spanning over 3,500 km and catering to the Northern Emirates.
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  • UAE Flag
    INITIAL COVERAGE (EQUITIES)
    24 Apr 2023
    ADNOC Gas
    BUY
    AED 3.31
    AED 3.52
    +6.34%

    UAE Equity Research - ADNOC Gas PLC - Initiating Coverage

    We initiate coverage on ADNOC GAS PLC (“ADNOC GAS” or “the Company”) with a Valuation Range of USD 59.8 – 65.9 billion. ADNOC Gas is a newly established integrated gas company responsible for the management, operation & maintenance, and marketing of ADNOC's downstream gas processing, LNG, and industrial gas businesses.
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