Abu Dhabi – Mubasher: The net profits of ADNOC Drilling Company hit $1.03 billion in the January-December 2023 period, marking an annual surge of 29% from $801.80 million.
The revenues jumped by 14% to $3.05 billion as of 31 December 2023 from $2.67 billion a year earlier, according to the consolidated financial results.
Basic and diluted earnings per share (EPS) hit $0.06 last year, lower by 12% than $0.05 in 2022.
Total assets hiked to $6.74 billion as of 31 December 2023 from $5.49 billion in the year-ago period.
Income Statements for Q4-23
In the fourth quarter (Q4) of 2023, the group registered 41% year-on-year (YoY) higher net profits at $329 million, compared to $234 million.
Meanwhile, the revenues amounted to $841 million in Q4-23, up 15% YoY from $733 million.
Quarter-on-quarter (QoQ), the net profits in Q4-23 increased from $257 million in Q3-23, while the revenues hiked from $776 million.
Abdulrahman Abdulla Al Seiari, CEO of ADNOC Drilling, commented: “Over the past twelve months we have further demonstrated the strength of our unique business model, which directly benefits from ADNOC’s five million barrel per day capacity target, and has delivered outstanding business growth and results.”
“Our ambitious fleet expansion strategy coupled with the accelerated growth of Oilfield Services has delivered exceptional bottom line performance, beyond the expectations of the market,” Al Seiari continued.
He concluded: “Looking ahead, ADNOC Drilling will remain dedicated to driving further efficiencies in our operational and financial performance, as we deliver enhanced value to our customers and shareholders.”
Dividends
The board members of ADNOC Drilling proposed, on 12 February 2024, to disburse cash dividends amounting to AED 1.31 billion for the second half (H2) of 2023.
The 8.22 fils per share recommendation is subject to the approval of the company’s shareholders.
Accordingly, the total dividend for 2023 equals $717 million (16.45 fils per share), representing a 5% YoY increase when compared to 2022.
The final 2023 dividend is expected to be distributed in the first half of April 2024.
