Abu Dhabi – Mubasher: ADNOC Drilling Company generated net profits worth $570 million in the first half (H1) of 2024, higher by 28% than $446 million in H1-23.
The revenues hiked by 26% year-on-year (YoY) to $1.82 billion in H1-24 from $1.44 billion, according to the consolidated financial results.
Earnings per share (EPS) amounted to $0.03 as of 30 June 2024, an annual rise of 28% from $0.02.
Income Results for Q2
During the second quarter (Q2) of 2024, the group registered $295 million in net profit, up 29% from $228 million in Q2-23.
Revenues enlarged to $935 million in April-June 2024 from $724 million a year earlier, while the EPS increased to $0.018 from $0.014.
Quarterly, the Q2-24 net profits climbed by 7% from the $275 million reported in Q1-24, while the revenues widened by 6% from $886 million.
Abdulrahman Abdulla Al Seiari, CEO of ADNOC Drilling, said: “First half EBITDA was $909 million, up 34% YoY and with a margin increase to 50%, driven by strong revenue growth, coupled with the company’s continued and effective cost management initiatives.”
“At the end of Q2, the fleet consisted of 140 rigs (136 owned plus four lease-to-own land rigs), up from 137 at the end of the first quarter due to the addition of three land rigs,” Al Seiari highlighted.
Dividends
The company’s board decided, on 2 August, to disburse cash dividends amounting to $394.14 million (AED 1.44 billion) for H1-24. The payment date for the dividends will be within 30 days from 2 August 2024.
The CEO commented: “The board of directors has approved an interim dividend of $394 million, +10% YoY under new enhanced and progressive dividend policy, equivalent to 9.04 fils per share.”
In June, the shareholders of ADNOC Drilling approved the dividend policy for 2024-2028, which will see dividends increase by at least 10% annually.
Enersol’s Deal
Enersol, a joint venture (JV) between ADNOC Drilling and Alpha Dhabi Holding, agreed to fully acquire EV Holdings Limited for nearly $45 million from UK-based private equity firm Dunedin.
The transaction aligns with Enersol’s strategic objectives to become a technology-centric investment platform. This marks the JV's third acquisition after purchasing a 42.20% equity ownership in Gordon Technologies and a 51% stake in NTS AMEGA, bringing total commitments to around $550 million since inception.
Meanwhile, the completion of the transaction is subject to obtaining the necessary regulatory approvals and closing adjustments, after which the EV stake will be formally transferred to Enersol.
EV is a leading global provider of analytics services for the oil and gas sector, with corporate headquarters in the US. Its global footprint covers 36 countries, including the UAE and Saudi Arabia.
