Abu Dhabi-listed ADNOC Drilling reported a 29 percent year-on-year rise in second-quarter profits, helped by strong revenue growth, rig fleet expansion and oilfield services growth.
The company said in a statement on Monday that its net profits in the second quarter amounted to 1.1 billion dirhams, and it achieved unprecedented revenues of 3.4 billion dirhams, an annual increase of 29 percent, driven by the expansion of operations in all sectors of the company.
In the first half as a whole, net profit increased by 28 percent to AED 2.1 billion, up 28 percent year-on-year, and revenues amounted to more than AED 6.6 billion, up 26 percent compared to the same period last year.
As part of its fleet expansion strategy, ADNOC Drilling added three new rigs at the end of Q2, bringing its fleet to 140 rigs (136 owned and 4 leased), compared to 137 at the end of Q1 this year.
ADNOC Drilling said the exceptional first-half results, which exceeded market expectations, and the clear vision prompted the company to raise its guidance for the fiscal year 2024 and the medium term.
According to the statement, in line with the new and enhanced dividend distribution policy, the Board of Directors approved the distribution of interim dividends worth AED 1.4 billion (9.05 fils per share), an increase of 10 percent on an annual basis compared to the payments for the same period in 2023.
