ADNOC Drilling said in a statement that it had revenue of 2.63 billion dirhams (about $716.1 million) in the first quarter of 2023, an increase of 19%, compared to the $601 million it had. made during the same period a year ago.
ADNOC Drilling attributed the revenue growth to support from all of its business segments, led by the offshore jack-up rigs and oilfield services sectors, which achieved an increase of 28% and 43%, respectively.
The company achieved growth in earnings before interest, taxes, depreciation and amortization, which amounted to 19%, reaching 1.22 billion dirhams (about 333 million dollars).
It explained that it recorded a 25% increase in its net profit, reaching 804 million dirhams (about 219 million dollars), against 175 million dollars during the same period a year ago, an increase of about 25%.
On a quarterly basis, revenue for the first quarter of the current year decreased by 2% compared to revenue for the fourth quarter of 2022, due to the lower impact of the payment of cost increase requests, which has resulted in a gradual decline in EBITDA rates of 6 percent.
For his part, ADNOC Drilling CEO Abdul Rahman Al-Sai’ari said the company’s strong results reflect its commitment to implementing its strategy to increase profits by accelerating the expansion of the ADNOC Drilling fleet.
He added, “The company will continue to focus on operational process excellence, sustainability and benefit from its distinguished market position as it continues to develop and expand its business to achieve its forward-looking guidelines for the future. year 2023.”
ADNOC Drilling is 84% owned by Abu Dhabi’s national oil company, ADNOC, while US company Baker Hughes has a 5% stake.
11% of its shares are held by other institutional and individual investors, matching the percentage offered by the parent company for public subscription before the share was listed on the Abu Dhabi Stock Exchange in October 2021.
It should be noted that ADNOC Drilling had achieved, in its first year on the Abu Dhabi financial market, an exceptional net profit in 2022 which amounted to 2.95 billion dirhams (802 million dollars), an increase of 33% on an annual basis, and recorded a strong increase in its revenues over the past year, reaching 9.82 billion dirhams (2.67 billion dollars), an increase of 18% compared to compared to 2021.
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