34% growth.. 13% increase in revenue year-on-year

1.39 billion dirhams, net profit of "ADNOC Drilling" in the first half

  • The company's revenues grew during the second quarter by 11% on an annual basis to reach 2.45 billion dirhams.

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  • Sultan Al Jaber: “(ADNOC Drilling) continued to achieve strong growth during 2022, and to fulfill its commitment.”

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ADNOC Drilling announced its financial results for the first half and second quarter ending on June 30, 2022, where the company recorded a strong growth in net profits for the first half of the year by 34%, to reach 1.39 billion dirhams, while revenues increased by 13%, To reach 4.66 billion dirhams, compared to the same period last year.

The company explained in a statement, yesterday, that the profits for the first half before interest, tax, depreciation and amortization amounted to 2.13 billion dirhams, an increase of 16% on an annual basis and a margin of 45.7%, as a result of the company's continued achievement of strong results in cost efficiency.

The continued growth of ADNOC Drilling's revenues on an annual basis is driven by the onshore drilling services sector, and the company's continuous efforts to enable the ADNOC Group to achieve its ambitious goals of increasing its production capacity.

The company's oilfield services business also posted strong year-on-year gains.

The company's revenues grew during the second quarter, by 11% year-on-year, to reach AED 2.45 billion, primarily driven by the onshore drilling and oilfield services sectors.

The Minister of Industry and Advanced Technology, Managing Director and CEO of the Abu Dhabi National Oil Company (ADNOC) and its group of companies, Chairman of the Board of Directors of “ADNOC Drilling”, Dr. Sultan bin Ahmed Al Jaber, said, “(ADNOC Drilling) continued to achieve strong growth during 2022, and to fulfill its commitment To continue to progress and work to increase returns for its shareholders.”

He added, "The outstanding semi-annual results, and the successful implementation of strategic plans and objectives, are evidence of the vital role played by the company to contribute to achieving ADNOC's goal of increasing its production capacity, as well as the UAE's goal to achieve self-sufficiency in gas."

He continued: "As part of the previously announced dividend policy, the Board of Directors is pleased to confirm that the interim dividend per share will witness an increase of 5% at 7.83 fils per share, bringing the value of the first payment of the 2022 fiscal year to 1.25 billion dirhams."

ADNOC Drilling fleet

ADNOC Drilling's fleet expansion program helps support the development of an increasing number of world-class projects in the UAE, as this has been reflected in a number of contracts that the company has been awarded in recent weeks.

On July 27, ADNOC Drilling won contracts worth 7.34 billion dirhams for offshore drilling units and integrated drilling services to develop ADNOC's Ghasha concession project.

On August 5, the company confirmed that it had obtained contracts worth an additional 12.5 billion dirhams for eight high-quality offshore drilling rigs, to provide drilling operations services to ADNOC Offshore.

• The company announced an increase in interim dividends by 5%, to reach 1.25 billion dirhams.

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