Abu Dhabi – Mubasher: ADNOC Drilling Company generated net profits valued at $446.32 million during the first half (H1) of 2023, an annual growth of 18% from $379.31 million.
The firm posted a 13% year-on-year (YoY) rise in revenue to $1.44 billion during January-June 2023 from $1.26 billion, according to the income statements.
Basic and diluted earnings per share (EPS) reached $0.027 in H1-23, up from $0.023 in H1-22.
Financial Results for Q2-23
In the second quarter (Q2) of 2023, the company registered $227.64 million in net profit, an annual increase from $204.85 million.
Revenues jumped to $724 million in Q2-23 from $668.39 million in Q2-22, while the basic and diluted EPS went up to $0.014 from $0.012.
Abdulrahman Abdulla Al Seiari, CEO of ADNOC Drilling, commented: “Oilfield services (OFS) revenues grew by 45% YoY with improved margins. Moreover, we progressed on our goal to expand the fleet, signing agreements to build 16 hybrid powered land rigs, which also form a significant additional element of our decarbonisation strategy.”
“Earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased significantly by 17% YoY to $677 million, due to the uptick in revenue coupled with the delivery of substantial cost savings, leading to an exceptional EBITDA margin of 47%,” Al Seiari noted.
Dividends
In line with the ADX-listed firm’s progressive dividend policy, the interim dividend for 2023 is expected to increase by a minimum of 5% when compared with 2022.
Meanwhile, the interim dividend is forecast to be announced in due course and distributed by the end of October 2023.
The CEO highlighted: “This strong and growing financial performance underpins our progressive dividend policy and we expect the 2023 interim dividend to be in line with it, further demonstrating our continuous commitment to sustained value creation for our shareholders.”
In Q1-23, ADNOC Drilling witnessed 25% YoY higher net profits at $218.68 million, compared to $174.45 million.
