ADNOC Drilling records revenue of AED 14.7 bln

ADNOC Drilling Company PJSC has recorded a 32 per cent increase in revenue in 2024, reaching AED 14.70 billion. 

The net profit for 2024 totalled AED 4.77 billion, representing a 26 per cent increase year-on-year, with a 32 per cent margin. 

Commenting on the record 2024 financial results, ADNOC Drilling CEO, Abdulrahman Abdulla Al Seiari, said, “As we remain focused on our future growth, we continue to expand our fleet and capabilities at ADNOC Drilling and through our joint ventures, Enersol and Turnwell, to continue powering the future of energy with AI-enabled technology investments, sustainability and innovation. I’d like to thank our people, partners and customers for their commitment and shared vision, as we continue to unlock the world-class energy resources in our region and set new benchmarks in the global energy industry.”

The Board of Directors recommends a final cash dividend payment of AED 1.45 billion for 2024 (9.05 fils per share), subject to shareholder approval at the upcoming Annual General Meeting (AGM).

The resulting total dividend for 2024 AED 2.90 billion (c.18.1 fils per share), represents a 10 per cent year-on-year increase compared to 2023.

The final 2024 dividend is expected to be distributed in the first half of April 2025. The dividend will then increase to at least AED 3.18 billion for 2025 based on the minimum 10 per cent year-on-year increase.

For the fourth quarter 2024, revenue grew 41 per cent year-on-year to AED 4.37 billion, driven by increased activity and growth of onshore and offshore fleets and the expansion of oilfield services (OFS).