External broker reports(aggregated public sources), International Securities

International Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>ADNOC Drilling posted 1Q24 core profit after tax of USD275mn, up 26% YoY (-4% QoQ), in line with our estimates</li><li>The company also revised its dividend policy, enhancing the annual increase to 10% for 2024-2028 from 5%, previously</li><li>The YoY jump in profits was led by rampant rig addition which reached 137 rigs in 1Q24 versus 115 rigs in 1Q23</li></ul><p><em>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.</em></p>

ADNOC Drilling posted 1Q24 core profit after tax of USD275mn, up 26% YoY (-4% QoQ), in line with our estimatesThe company also revised its dividend policy, enhancing the annual increase to 10% for 2024-2028 from 5%, previouslyThe YoY jump in profits was led by rampant rig addition which reached 137 rigs in 1Q24 versus 115 rigs in 1Q23Content 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 Drilling: 1Q24 Core Profit up 26% YoY (-4% QoQ) To USD275mn, in Line with Estimates

ADNOC Drilling PJSC

ADNOC Drilling: 1Q24 Core Profit up 26% YoY (-4% QoQ) To USD275mn, in Line with Estimates