External broker reports(aggregated public sources), International Securities

International Securities

External broker reports(aggregated public sources)

International Securities’ equity research analysis and advisory have been a vital source of market intelligence for our distinguished clients over the years. The equity research team’s main objective is to cover listed equities and to provide thoughtful, insightful, differentiated and timely research that can help clients make informed decisions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>ADNOC Distribution posted 1Q25 core attributable profit (adjusted for inventory gains) of AED529mn, up 24% YoY (+3% QoQ)</li><li>On reported basis, attributable profit came in 16% higher YoY and 10% higher QoQ at AED639mn</li><li>The YoY core profit growth was led by 48% lower financial charges owing to presence of exchange losses in 1Q24</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ADNOC Distribution posted 1Q25 core attributable profit (adjusted for inventory gains) of AED529mn, up 24% YoY (+3% QoQ)On reported basis, attributable profit came in 16% higher YoY and 10% higher QoQ at AED639mnThe YoY core profit growth was led by 48% lower financial charges owing to presence of exchange losses in 1Q24Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ADNOC Distribution Result Review: 1Q25 Core Profit up 24% YoY (+3% QoQ) To AED529mn

<ul><li>ADNOC Distribution posted 4Q24 core attributable profit (adjusted for inventory gains) of AED579mn, down 8% YoY (-3% QoQ)</li><li>On reported basis, attributable profit came in 14% lower YoY at AED580mn</li><li>The board recommended 2H24 dividend of AED0</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ADNOC Distribution posted 4Q24 core attributable profit (adjusted for inventory gains) of AED579mn, down 8% YoY (-3% QoQ)On reported basis, attributable profit came in 14% lower YoY at AED580mnThe board recommended 2H24 dividend of AED0Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ADNOC Distribution: 4Q24 Core Profit Down 8% YoY (-3% QoQ) To AED579mn

Global Editor, Base Oil News

Iain Pocock

Global Editor

Global Base Oils and Lubricants Markets

Base Oil News

Base Oil News focuses on the interplay between fundamentals and prices in the global base oils and lubricants markets.

Baseoilnews.com combines daily, weekly and monthly base oils and lubes fundamentals data from every region of the world to build the most comprehensive and up-to-date global picture of the state of the market.

The data and analysis provide key tools to understand current market developments and opportunities and to anticipate how the market is likely to behave in the coming months.

Base oils producers, lube blenders and consumers can then better plan accordingly.

Baseoilnews.com analyses and publishes market news and data every day as it breaks.

Commodities

<ul><li>US base oils prices stay relatively firm in narrow range vs vacuum gasoil prices.</li><li>Firm margins in recent weeks coincide with shutdown of key US Group II base oils unit for maintenance work.</li><li>Firm margins in recent months coincide with surge in US domestic base oils output in July-Aug 2025.</li></ul>

US base oils prices stay relatively firm in narrow range vs vacuum gasoil prices.Firm margins in recent weeks coincide with shutdown of key US Group II base oils unit for maintenance work.Firm margins in recent months coincide with surge in US domestic base oils output in July-Aug 2025.

Americas/EMEA base oils supply outlook: Week of 10 November

<ul><li>US base oils demand could be more muted amid expectations of rise in domestic supply over coming weeks following completion of plant-maintenance work.</li><li>Sufficient availability of supply in recent weeks, even during plant-shutdown, points to signs of already-slower demand during that period.</li><li>Expected rise in supply would coincide with time of year when domestic consumption typically slows anyway.</li></ul>

US base oils demand could be more muted amid expectations of rise in domestic supply over coming weeks following completion of plant-maintenance work.Sufficient availability of supply in recent weeks, even during plant-shutdown, points to signs of already-slower demand during that period.Expected rise in supply would coincide with time of year when domestic consumption typically slows anyway.

Americas/EMEA base oils demand outlook: Week of 10 November

<ul><li>US Group II base oils price-premium to vacuum gasoil (VGO) holds firm.</li><li>Firm price-premium vs VGO contrasts with falling price-premium this time a year ago.</li><li>Firm price-premium incentivizes refiners to maintain or raise output.</li></ul>

US Group II base oils price-premium to vacuum gasoil (VGO) holds firm.Firm price-premium vs VGO contrasts with falling price-premium this time a year ago.Firm price-premium incentivizes refiners to maintain or raise output.

Americas/EMEA base oils supply outlook: Week of 3 November

United Arab Emirates

Abu Dhabi National Oil Company for Distribution PJSC markets and distributes petroleum products. The Company offers lubricants, liquid propane, greases, and natural gas for vehicles, as well as provides service stations for refueling, oil change, parts replacement, and car washing services. Abu Dhabi National Oil Company for Distribution serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

ADNOC Distribution (ADNOCDIS UH)

ADNOC Distribution Result Review: 1Q25 Core Profit up 24% YoY (+3% QoQ) To AED529mn

ADNOC Distribution posted 1Q25 core attributable profit (adjusted for inventory gains) of AED529mn, up 24% YoY (+3% QoQ). On reported basis,...

International Securities

ADNOC Distribution: 4Q24 Core Profit Down 8% YoY (-3% QoQ) To AED579mn

ADNOC Distribution posted 4Q24 core attributable profit (adjusted for inventory gains) of AED579mn, down 8% YoY (-3% QoQ)

International Securities

Americas/EMEA base oils supply outlook: Week of 10 November

US base oils prices stay relatively firm in narrow range vs vacuum gasoil prices. Firm margins in recent weeks coincide with shutdown of key US...

Base Oil News

Americas/EMEA base oils demand outlook: Week of 10 November

US base oils demand could be more muted amid expectations of rise in domestic supply over coming weeks following completion of plant-maintenance...

Base Oil News

Americas/EMEA base oils supply outlook: Week of 3 November

US Group II base oils price-premium to vacuum gasoil (VGO) holds firm. Firm price-premium vs VGO contrasts with falling price-premium this time a...

Base Oil News

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)