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  • UAE Flag
    FIRST LOOK NOTES
    12 Aug 2025
    DANA Gas
    BUY
    AED 0.76
    AED 0.95
    +24.51%

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

    KRI’s average production increased 2.7% YOY to 37,500 boepd in 2Q25, whereas Egypt saw a 28.4% YOY decline to 12,300 boepd, due to the depletion of the natural field. Khor Mor’s daily gas production averaged more than 500 MMscfd in 1H25.
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  • UAE Flag
    FIRST LOOK NOTES
    12 Aug 2025
    ADNOC Distribution
    BUY
    AED 3.74
    AED 4.46
    +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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  • UAE Flag
    FIRST LOOK NOTES
    08 Aug 2025
    ADNOC Gas
    BUY
    AED 3.35
    AED 3.93
    +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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  • UAE Flag
    EARNINGS CALL INSIGHT
    08 Aug 2025
    ADNOC Distribution
    BUY
    AED 3.70
    AED 4.46
    +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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  • UAE Flag
    EARNINGS CALL INSIGHT
    07 Aug 2025
    ADNOC Gas
    BUY
    AED 3.35
    AED 3.93
    +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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  • UAE Flag
    FIRST LOOK NOTES
    31 Jul 2025
    ADNOC Drilling
    ACCUMULATE
    AED 5.84
    AED 6.50
    +11.30%

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

    Revenue grew 27.9% YOY to USD 1,197 Mn in 2Q25, driven by strong growth across the Onshore and the OFS segment. The Company’s Unconventional operations generated USD 192 Mn in revenue during 2Q25.
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  • UAE Flag
    EARNINGS CALL INSIGHT
    31 Jul 2025
    ADNOC Drilling
    ACCUMULATE
    AED 5.83
    AED 6.50
    +11.49%

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

    Net revenue grew strongly 27.9% YOY to USD 1,197 Mn in 2Q25, driven by growth across Onshore and Oilfield services (OFS) owing to the expansion of the operations. Onshore Segment revenue grew 16.2% YOY to USD 513 Mn in 2Q25, primarily due to new rigs starting operations and USD 49 Mn contribution from unconventional activity related to land drillin
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  • EARNINGS FLASH
    30 Jul 2025
    UAE Equity Research - ADNOC Drilling (ADNOCDRI)-2Q25 Earnings Flash

    ADNOC Drilling’s net profit rose 19.0% YOY to USD 351.0 Bn in 2Q25 (in line with FABS estimates) mainly driven by revenue growth under Onshore and Oil Field Services (OFS) segment, lower finance costs and rise in Share of results of JV. However, the Net profit margin fell from 32% in 2Q24 to 29% in 2Q25 but the conventional net profit margin remain...

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  • UAE Flag
    SECTOR NOTE
    11 Jul 2025
    Energy

    UAE Equity Research - Energy Sector 2Q25 - Preview Note

    ADNOC Distribution stands out as our preferred pick over ADNOC Drilling, ADNOC Gas, and Dana Gas, backed by its strong operational execution, diversified revenue streams, and scalable growth strategy.

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