Abu Dhabi – Mubasher: ADNOC Drilling Company achieved net profits of $801.80 million in 2022, marking a 33% year-on-year (YoY) growth from $603.91 million.
The basic and diluted earnings per share (EPS) also rose by 33% to $0.050 last year from $0.38 in 2021, according to the income statements.
The UAE firm generated revenues worth $2.67 billion during January-December 2022, an 18% YoY leap from $2.26 billion.
ADNOC Drilling registered total assets of $5.49 billion at the end of December 2022, higher by 8% than $5.09 billion in the same period a year earlier.
Financial Results for Q4
During the fourth quarter (Q4) of 2022, the ADX-listed company recorded net profits worth $234 million which came 61% higher than $145 million in Q4-21.
The revenues also soared by 27% YoY to $733 million during January-December 2022 from $575 million. The results achieved in Q4-22 were the highest-ever quarterly revenues delivered by ADNOC Drilling.
The EPS jumped by 63% to $0.015 in Q4-22 from $0.009 in Q4-21.
On a quarterly basis, the Q4-22 net profits of ADNOC Drilling were 24% higher than $189 million in Q3-22, while the revenues increased by 9% from $670 million.
Dividends
The UAE company stated, in a press release, “In light of the strong performance in 2022 and our progressive dividend policy, the final dividend for 2022 is expected to increase by a minimum of 5%, in line with the highly competitive and progressive five-for-five dividend policy demonstrating a commitment to sustained value creation for shareholders.”
Besides his remarks on the positive results in 2022, the CEO of ADNOC Drilling, Abdulrahman Abdulla Al Seiari, said: “I am particularly pleased with the over $10 billion of contract backlog we were awarded in the year by our long-term, highly supportive customers.”
During the first nine months (9M) of 2022, the entity logged net profits worth $568.10 million, higher than $459.99 million in 9M-21.
ADNOC Drilling further generated revenues worth $1.94 billion during the January-September 2022 period.
