ADNOC Drilling, Abu Dhabi, achieved a 33% growth in its net profits for the year 2022, in light of the increase in revenues from the onshore drilling services and oil field services sectors.
According to Arabiya Net, the company's net profit increased to $802 million in 2022, compared to $604 million in the previous year.
Revenues increased to $2.67 million in 2022, compared to $2.27 billion in 2021.
The company said in a disclosure that its results were largely supported by the addition of new drilling rigs to its operating fleet, which currently consists of 115 rigs.
The company also announced a strong outlook for 2023, forecasting revenue to be between $3 billion and $3.2 billion, representing 20% year-on-year growth.
The company said it expects to achieve record net profits in 2023 between $850 million and $1 billion during the same period.
ADNOC Drilling shares were listed on the Abu Dhabi Stock Exchange in 2021 after Abu Dhabi National Oil Company ADNOC, its largest shareholder, raised $1.1 billion from investors in a public offering of shares.
