ADNOC Drilling Achieves 0 Million Net Profit in First Half of 2024

The ADNOC Drilling Company has made waves in the financial world with its impressive record-breaking results for the second quarter and first half of 2024. The company reported a net profit of 5 million for the quarter, marking a 29% increase year-on-year and a 7% increase sequentially. Furthermore, the first half of the year saw a net profit of 0 million, up by 28% compared to the previous year.

One of the key factors driving this success is the significant growth in revenue, which reached 5 million in the second quarter and over .8 billion for the first half of the year. These figures represent a 29% and 26% increase year-on-year, respectively. The strong top-line performance also translated into record EBITDA numbers for both the quarter and the first half. In the second quarter, EBITDA increased by 37% year-on-year to 2 million, with a 50% margin. The first half EBITDA reached 9 million, up by 34% compared to the previous year, also with a 50% margin.

Abdulrahman Abdulla Al Seiari, the CEO of ADNOC Drilling, expressed his satisfaction with the company’s performance, stating, “ADNOC Drilling has continued to deliver on its strategic initiatives and has successfully closed the first half of the year on a strong note, achieving multiple milestones. The Company’s performance for the period is a continued reflection of our unwavering commitment to operational excellence and efficiency in every aspect of our business.”

Al Seiari credited the company’s success to its dedicated employees, who are instrumental in providing outstanding service to customers and maximizing value for shareholders. The company’s fleet saw an increase to 140 rigs by the end of the second quarter, up from 137 at the end of the first quarter. This expansion reflects the company’s commitment to growth and innovation in the industry.

In line with its impressive financial results, the Board of Directors has approved an interim dividend of 4 million, representing a 10% increase year-on-year. This dividend is part of a new enhanced and progressive dividend policy and is equivalent to 9.0468 fils per share. Shareholders can expect to receive the interim dividend distribution in the last week of August 2024, provided they are recorded as shareholders as of August 12, 2024.

Overall, ADNOC Drilling’s success in the first half of 2024 is a testament to its strategic vision, operational excellence, and commitment to growth. The company’s strong financial performance, coupled with its focus on cost management and efficiency, has positioned it as a leader in the industry. Investors and stakeholders can look forward to continued growth and value creation from ADNOC Drilling in the future.

By delivering on its strategic initiatives and achieving multiple milestones, ADNOC Drilling has demonstrated its commitment to operational excellence and efficiency in every aspect of the business. The impressive financial results, strategic growth initiatives, and commitment to innovation have cemented ADNOC Drilling’s position as a leader in the industry. Investors and stakeholders can rest assured that ADNOC Drilling will continue to deliver value and growth in the future.