Adnoc Drilling’s second-quarter net profit rises 19% on higher revenue

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Adnoc Drilling, the largest domestic drilling company in the Middle East by the size of its rig fleet, said its second-quarter net profit jumped more than 19% as revenue rose in the as part of an ongoing fleet expansion program.

Net profit for the three-month period ending at the end of June was $204.85 million, Adnoc Drilling, a unit of Abu Dhabi National Oil Company (Adnoc), said in a statement. statement Tuesday on the Abu Dhabi Stock Exchange, where its shares are traded.

Revenue for the April-June quarter rose 11% to $669 million, driven by its onshore and oilfield services business as the company continues to support Abu Dhabi’s efforts to increase its capacity production.

Net profit for the first six months of the year rose 34% year on year to $379 million. Half-year revenue increased 13% at the end of June to $1.27 billion.

Earnings before interest, taxes, depreciation and amortization of Adnoc Drilling (Editda) climbed to $580 million, up 16% year-on-year, with an Ebitda margin of 45.7%, while the company has made “outstanding progress” on delivering additional cost savings.

“Adnoc Drilling continued to make solid progress in 2022, delivering on its promise to continue to grow the business and maximize returns for our shareholders,” said Dr Sultan Ahmed Al Jaber, Minister of Industry and Technology. Advances of the United Arab Emirates, managing director of Adnoc and managing director of the group, said.

“The strong half-year results and successful strategic execution demonstrate the company’s vital role in enabling significant growth in Adnoc’s production capacity, as well as the UAE’s goal of achieving gas self-sufficiency. “

The company’s board also approved an interim dividend, raising it by 5% to 7.83 fils, bringing the first payment in fiscal year 2022 to $341 million, Dr Al said. Jaber, who is also president of Adnoc Drilling.

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Updated: 09 August 2022, 05:19

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