External broker reports(aggregated public sources), International Securities

International Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

ADNOC Logistics & Services / Equity Bottom-Up

ADNOC Logistics & Services ( ADNOCLS EQUITY)

<ul><li>ADNOC Logistics &amp; Services reported 2Q24 profit of USD208mn, up 28% YoY (+7% QoQ), in line with our estimates</li><li>The strong results were backed by higher rates and improved utilization in integrated logistics segment as well as continued contribution from the USD975mn EPC contract for G-Island</li><li>Shipping segment benefited from robust charter rates for tankers and dry bulk while the Marine Services business posted higher volumes</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 Logistics &amp; Services reported 2Q24 profit of USD208mn, up 28% YoY (+7% QoQ), in line with our estimatesThe strong results were backed by higher rates and improved utilization in integrated logistics segment as well as continued contribution from the USD975mn EPC contract for G-IslandShipping segment benefited from robust charter rates for tankers and dry bulk while the Marine Services business posted higher volumesContent 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 L&S - 2Q24 Earnings up 28% YoY (+7% QoQ) To USD208mn, in Line with Estimates