4.77 billion dirhams, “ADNOC Drilling” profits in 2024

2025/02/13 6:23:04 PM

2 minutes read

Abu Dhabi, February 13 / WAM / ADNOC Drilling Company announced today its record of record financial results for the fourth quarter and the fiscal year ending on December 31, 2024 with revenues of 14.70 billion dirhams, an increase of 32% on an annual basis.

The profits before the benefits, taxes, consumption and firefighting for the entire year amounted to 7.41 billion dirhams, an increase of 36% on an annual basis, with a margin of 50% and net profit for the entire year 4.77 billion dirhams, an increase of 26% on an annual basis, with a margin of 32%.

Abdul Rahman Abdullah Al -Saeari, CEO of ADNOC Drilling Company, said that the standard financial performance of the year 2024 reflects the company’s firm commitment to enhance growth in all its sectors and increase its shareholders ’revenues, and confirms its continuation in providing sustainable and innovative solutions to customers at the local and global levels.

He added that the distinguished results, which witnessed an increase in the net profit for more than twice since the company was included in the Abu Dhabi Securities Market, establishes the status of ADNOC for drilling as the fastest growth power services company in the world and efforts will continue to implement the future growth strategy and expand the company’s fleet and raise the capabilities of ADNOC to drill and through its subscribers ilkin projects “ENERSOL” and “Turnweell”, to continue to support the future of the energy industry sector and contribute to setting new standards for them through investments in artificial intelligence -backed technology companies and promoting innovation and commitment to sustainability standards.

He added that while we continue to unleash energy resources with global levels in the country, we value the efforts of our employees, their dedication, the commitment of our customers and their effective participation, describing their efforts as the motive to accelerate growth and achieve excellence.

The Board of Directors recommended the distribution of final cash dividends of 1.45 billion dirhams for the year 2024 by (9.05 fils per share), provided that the recommendation is accomplished by shareholders at the next annual general assembly meeting.

The total profit distributions for the year 2024, amounting to 2.90 billion dirhams (about 18.1 fils per share), an increase by an annual basis compared to 2023.

It is expected that the final profits of the year 2024 will be distributed in the first half of April 2025 and based on the annual increase by 10% approved by the distribution policy, the value of the distributions for the year 2025 will increase to at least 3.18 billion dirhams.

The company achieved growth in the revenues of the fourth quarter of 2024 by 41% on an annual basis to reach 4.37 billion dirhams, and this growth came driven by expanding the company’s activities, the growth of the land and sea fleet and the expansion of oil fields services.

The profits grew before the benefits, taxes, consumption and firefighting by 41% on an annual basis to reach 2.190 billion dirhams, and the net profit reached 1.50 billion dirhams with a growth rate closer to the rate of profits before interest, taxes, consumption and extinguishing, with the exception of the positive impact for one time on consumption and firefighting than the fourth quarter of the year 2023.

As part of its efforts to expand the size of its fleet, the company raised the number of excavators to 142 excavations owned by the fourth quarter of the year 2024 after it operated 23 excavations during the year 2024, including a sea virtue that is expected to join in the first half of the year 2025.