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Earnings Call Insight

05 Feb 2026

NMDC Energy

Last Closing Price
2.72

Target Price
4.00

Upside (%)
+47.06%

Rating
BUY

UAE Equity Research - NMDC Energy 4Q25 - Earnings Call Insight

NMDC Energy’s revenue increased 21.3% YOY to AED 5.7 Bn in 4Q25, supported by a strong backlog execution. Gross profit increased significantly from AED 600 Mn in 4Q24 to AED 921 Mn in 4Q25, with gross profit margins increasing 341 bps YOY to 16.3%. Download
First Look Notes

05 Feb 2026

NMDC Energy

Last Closing Price
2.72

Target Price
4.00

Upside (%)
+47.06%

Rating
BUY

UAE Equity Research - NMDC Energy 4Q25 - First Look Note

The Company’s pipeline stood at AED 58.6 Bn with an expected win rate of 20%-25% in 2025. NMDC Energy’s backlog stood at AED 40.1 Bn, with 80% from Local and 20% from international markets, while Offshore projects accounted for 63% and the balance from Onshore projects. Download
First Look Notes

05 Feb 2026

ADNOC Distribution

Last Closing Price
4.06

Target Price
4.70

Upside (%)
+15.76%

Rating
BUY

UAE Equity Research - ADNOC Distribution (ADNOCDIST) 4Q25 - First Look Note

ADNOCDIST expanded its footprint to 1,010 service stations and 536 convenience stores across the UAE, KSA, and Egypt in 2025. ADNOCDIST added 99 DOCO sites in 2025, doubling the network, with 30+ already operational and the rest to come online soon, subject to approvals. Download

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1.09

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Technical Analysis Report
- 05 Feb 2026 - UAE
- 05 Feb 2026 - UAE
More Reports
ADX
- - 10,547.49
    5.01 (0.05%)
  - As of closing 05 Feb 26
  - 52 Week Range
    
    8,771.73 L 10,556.97 H
- Turnover ( ) 1,568,283,000
  
  Volume 427,527,600
  
  Market Cap ( ) 2,966,193,790,052
DFM
- - 6,675.06
    12.94 (0.19%)
  - As of closing 05 Feb 26
  - 52 Week Range
    
    4,631.88 L 6,667.06 H
- Turnover ( ) 1,099,648,000
  
  Volume 437,667,000
  
  Market Cap ( ) 1,042,544,869,096
Tadawul
- - 11,180.58
    -160.69 (-1.42%)
  - As of closing 05 Feb 26
  - 52 Week Range
    
    10,281.49 L 12,481.93 H
- Turnover ( SAR ) 4,614,650,000
  
  Volume 204,714,000
  
  Market Cap ( SAR ) 9,517,586,888,178

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EARNINGS CALL INSIGHT

05 Feb 2026

NMDC Energy

BUY

Last Closing Price
2.72

Target Price
4.00

Upside (%)
+47.06%

UAE Equity Research - NMDC Energy 4Q25 - Earnings Call Insight

NMDC Energy’s revenue increased 21.3% YOY to AED 5.7 Bn in 4Q25, supported by a strong backlog execution. Gross profit increased significantly from AED 600 Mn in 4Q24 to AED 921 Mn in 4Q25, with gross profit margins increasing 341 bps YOY to 16.3%.

Download

FIRST LOOK NOTES

05 Feb 2026

NMDC Energy

BUY

Last Closing Price
2.72

Target Price
4.00

Upside (%)
+47.06%

UAE Equity Research - NMDC Energy 4Q25 - First Look Note

The Company’s pipeline stood at AED 58.6 Bn with an expected win rate of 20%-25% in 2025. NMDC Energy’s backlog stood at AED 40.1 Bn, with 80% from Local and 20% from international markets, while Offshore projects accounted for 63% and the balance from Onshore projects.

Download

FIRST LOOK NOTES

05 Feb 2026

ADNOC Distribution

BUY

Last Closing Price
4.06

Target Price
4.70

Upside (%)
+15.76%

UAE Equity Research - ADNOC Distribution (ADNOCDIST) 4Q25 - First Look Note

ADNOCDIST expanded its footprint to 1,010 service stations and 536 convenience stores across the UAE, KSA, and Egypt in 2025. ADNOCDIST added 99 DOCO sites in 2025, doubling the network, with 30+ already operational and the rest to come online soon, subject to approvals.

Download

EARNINGS CALL INSIGHT

05 Feb 2026

ADNOC Distribution

BUY

Last Closing Price
4.06

Target Price
4.70

Upside (%)
+15.76%

UAE Equity Research - ADNOC Distribution (ADNOCDIST) 4Q25 - Earnings Call Insight

ADNOC Distribution’s revenue grew 7.0% YOY to AED 9,460 Mn in 4Q25, driven by higher growth in volumes and contribution from non-fuel retail business. Direct cost increased 5.3% YOY to AED 7,609 Mn in 4Q25.

Download

FIRST LOOK NOTES

05 Feb 2026

Dubai Residential REIT

BUY

Last Closing Price
1.33

Target Price
1.60

Upside (%)
+20.30%

UAE Equity Research - Dubai Residential REIT 4Q25 - First Look Note

Average rent per square foot rose 6.7% YOY to AED 56.5 in 2025, driven by re-ratings and lease renewal catch-ups. The Gross Asset Value rose to AED 23.5 Bn in December 2025 from AED 21.6 Bn in December 2024, driven by valuation gains.

Download

EARNINGS CALL INSIGHT

05 Feb 2026

Dubai Residential REIT

BUY

Last Closing Price
1.33

Target Price
1.60

Upside (%)
+20.30%

UAE Equity Research - Dubai Residential REIT 2H25 - Earnings Call Insight

Dubai Residential revenue rose 8.1% YOY to AED 996 Mn in 2H25, supported by continued leasing momentum and higher rental rates across the residential portfolio. Direct cost fell 35.7% YOY to AED 197 Mn in 2H25.

Download

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Commercial International Bank (COMI) Telecom Egypt