ADNOC Drilling achieves robust profit growth, fleet expansion
(MENAFN) ADNOC Drilling, listed on the Abu Dhabi stock exchange, reported a significant 29 percent increase in net profits for the second quarter of the year, reaching 1.1 billion dirhams. This impressive performance was largely attributed to robust revenue growth, driven by an expansion in its rig fleet and increased activities in oilfield services. The company's total revenues for the quarter hit a record 3.4 billion dirhams, marking a substantial 29 percent rise compared to the previous year. This growth is reflective of ADNOC Drilling's successful expansion across all its operational sectors.
For the first half of the year, ADNOC Drilling's net profit rose by 28 percent to 2.1 billion dirhams, with total revenues exceeding 6.6 billion dirhams—a 26 percent increase from the same period last year. The company continued to expand its operational capacity, adding three new rigs to its fleet by the end of the second quarter. This expansion brought the total number of rigs to 140, comprising 136 owned and 4 leased, up from 137 at the end of the first quarter.
Following these exceptional results and a clearly defined strategic vision, ADNOC Drilling has revised its guidance for fiscal year 2024 and the medium term upward. The Board of Directors has also approved an increase in interim dividends, amounting to 1.4 billion dirhams (9.05 fils per share), reflecting a 10 percent annual increase over the previous year. This move underscores the company's commitment to rewarding shareholders while continuing its growth trajectory.
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