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  • UAE Flag
    FIRST LOOK NOTES
    28 Feb 2025
    DANA Gas
    BUY
    AED 0.79
    AED 0.95
    +20.10%

    UAE Equity Research - Dana Gas 4Q24 - First Look Note

    The Company's average production decreased from 55,700 boepd in 4Q23 to 53,500 boepd in 4Q24. Dana Gas experienced a 63.9% YOY increase in revenue to USD 159 Mn in 4Q24 mainly due to recognition of additional revenue under Egypt's newly signed Consolidated Concession Agreement coupled with increased output in the KRI region.
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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
    FIRST LOOK NOTES
    27 Feb 2025
    ADNOC Drilling
    ACCUMULATE
    AED 5.51
    AED 6.25
    +13.43%

    UAE Equity Research - ADNOC Drilling (ADNOCDRI) 4Q24 - First Look Note

    OFS segmental revenue grew significantly from USD 148 Mn in 4Q23 to USD 313 Mn in 4Q24, owing to growth in IDS activities, specifically positive phasing during 4Q24 related to pressure pumping, directional drilling and unconventional business.
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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
    14 Feb 2025
    ADNOC Drilling
    ACCUMULATE
    AED 5.58
    AED 6.25
    +12.01%

    UAE Equity Research - Adnoc Drilling (ADNOCDRI) 4Q24 - Earnings Call Insight

    Net revenue grew strongly 41.2% YOY to USD 1,187 Mn in 4Q24 driven by the expansion of operations. The half of the growth is driven by activity phasing in the oilfield services (OFS) segment and cost reimbursement in Onshore.
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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
    EARNINGS CALL INSIGHT
    10 Feb 2025
    DANA Gas
    BUY
    AED 0.76
    AED 0.95
    +24.35%

    UAE Equity Research - Dana Gas 2024 - Earnings Call Insight

    Dana Gas gross revenue rose 65% YOY to USD 158 Mn in 4Q24, driven primarily by the recognition of additional revenue from the improved fiscal terms under the recently signed consolidated concession agreement in Egypt.
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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
    21 Nov 2024
    DANA Gas
    BUY
    AED 0.70
    AED 0.95
    +36.30%

    UAE Equity Research - Dana Gas PJSC 3Q24 - First Look Note

    The company's average production stood at 55,300 boepd in 3Q24 as compared to 59,600 in 3Q23. Dana’s cash and bank balance showed a solid position at USD 151 million in 3Q24, with USD 118 Mn held to Pearl Petroleum
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