Abu Dhabi - Mubasher: The condensed financials of ADNOC Drilling Company reported a 9% growth in net profits to $459.996 million in the first nine months of 2021 from $421.999 million in the same period of 2020.
The company generated revenues of $1.694 billion in the January-September period of 2021, up 12% from $1.517 billion in the year-ago period.
ADNOC Drilling's earnings before interest, tax, depreciation, and amortisation (EBITDA) jumped by 11% year-on-year (YoY) to $785 million in the first nine months of 2021 from $705 million.
The basic and diluted earnings per share (EPS) stood at $0.0287 in the first nine months of 2021, versus $0.0264 in the corresponding period of 2020.
During the third quarter (Q3) of 2021, the company's net profits increased by 48% YoY to $178 million from $120 million.
The UAE Minister of Industry and Advanced Technology, ADNOC Managing Director and Group CEO, and Chairman of ADNOC Drilling, Sultan Ahmed Al Jaber, said: "These impressive results follow ADNOC Drilling’s record ADX listing in early October, and were well above market forecasts."
Meanwhile, the CEO of ADNOC Drilling, Abdulrahman Abdullah Al Seiari, commented: "As we look to the final quarter and to 2022, we see our operations returning to normal post-pandemic and we expect to continue to make significant progress in the execution of our long-term strategy."
