Recent Research

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  FIRST LOOK NOTES

  28 Feb 2025

  DANA Gas

  BUY

  Last Closing Price

  AED 0.79

  Target Price

  AED 0.95

  Upside (%)

  +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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  FIRST LOOK NOTES

  27 Feb 2025

  ADNOC Distribution

  BUY

  Last Closing Price

  AED 3.49

  Target Price

  AED 4.46

  Upside (%)

  +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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• 

  FIRST LOOK NOTES

  27 Feb 2025

  ADNOC Drilling

  ACCUMULATE

  Last Closing Price

  AED 5.51

  Target Price

  AED 6.25

  Upside (%)

  +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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  FIRST LOOK NOTES

  27 Feb 2025

  ADNOC Gas

  BUY

  Last Closing Price

  AED 3.43

  Target Price

  AED 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

  14 Feb 2025

  ADNOC Drilling

  ACCUMULATE

  Last Closing Price

  AED 5.58

  Target Price

  AED 6.25

  Upside (%)

  +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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• 

  EARNINGS CALL INSIGHT

  12 Feb 2025

  ADNOC Distribution

  BUY

  Last Closing Price

  AED 3.60

  Target Price

  AED 4.46

  Upside (%)

  +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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