Abu Dhabi – Mubasher: ADNOC Drilling Company generated 26% year-on-year (YoY) higher net profits at $1.30 billion in 2024, compared to $1.03 billion, according to the financial results.
The revenues hiked by 32% to $4.03 billion last year from $3.05 billion in 2023, while the earnings per share (EPS) climbed by 26% YoY to $0.08 from $0.06.
Income Results for Q4-24
In the fourth quarter (Q4) of 2024, the UAE-based group registered net profits worth $399 million, up 21% from $329 million in Q4-23.
ADNCO Drilling posted revenues amounting to $1.18 billion in October-December 2024, marking a 41% leap from $841 million.
On a quarterly basis, the Q4-24 profits rose by 19% from $335 million in Q3-24, while the revenues fell by 16% from $1.02 billion.
Abdulrahman Abdulla Al Seiari, CEO of ADNOC Drilling, said: “Our outstanding 2024 financial results reinforce ADNOC Drilling’s position as the world’s fastest-growing energy services company with net profit more than doubling since listing on ADX.”
“As we remain focused on our future growth, we continue to expand our fleet and capabilities at ADNOC Drilling and through our joint ventures, Enersol and Turnwell, to continue powering the future of energy with AI-enabled technology investments, sustainability and innovation.”
Cash Dividends
The board recommended a final cash dividend payment of $394 million for 2024, equivalent to 9.05 fils per share. This brings the full-year dividends to $788 million, representing a 10% YoY increase versus 2023.
The final 2024 dividend is expected to be distributed in the first half (H1) of April 2025. The dividend will then increase to at least $867 million for 2025 based on the minimum 10% YoY rise.
