Abu Dhabi – Mubasher: ADNOC Drilling Company posted a 24% jump in net profit to $568.10 million in the first nine months (9M) of 2022, compared to $459.99 million in 9M-21.
Revenues surged by 15% to $1.94 billion during January-September 2022, versus $1.69 billion in the year-ago period, according to the income statements
The basic and diluted earnings per share (EPS) increased to $0.03 in 9M-22 from $0.02 in 9M-21.
During the third quarter (Q3) of 2022, the net profits of ADNOC Drilling amounted to $188.79 million, up 6% year-on-year (YoY) from $178.40 million.
Additionally, the revenues enlarged by 17% YoY to $670.42 million in Q3-22 from $570.86 million.
Meanwhile, the basic and diluted EPS stood at $0.0118 in July-September 2022, compared to $0.0112 during the corresponding period in 2021.
Abdulrahman Abdullah Al Seiari, CEO of ADNOC Drilling, said: “A significant number of additional rigs are scheduled to come onstream in Q4-22, further boosting our financial and operating performance as we head towards 2023 and continued shareholder value creation.”
Al Seiari added: “We are also partnering with our customers to support their sustainability goals. An example is the recently delivered 50,000ft extended reach well for ADNOC offshore in the giant Zakum field, tapping into an undeveloped part of the reservoir.”
He noted: “This well helps unlock an additional production capacity of 15,000 barrels per day (bpd) and achieves this without the need for further costly infrastructure and with a minimal environmental footprint, and is the world’s longest extended reach well.”
The CEO also indicated that the company distributed cash dividends worth $666.25 million to investors since listing its shares on the Abu Dhabi Securities Exchange (ADX).
“At the same time, we have added more than $13 billion of contract backlog, achieved strong top-and bottom-line growth, and expanded our owned rig fleet from 95 to 108. We are excited for the year ahead, and look forward to continued growth in 2023 and beyond,” he concluded.
In 6M-22, the company’s net profits totalled $379.31 million, higher by 34% YoY than $281.58 million.
