ADNOC Drilling Achieves Record Net Profit Of AED 4.77 Billion In 2024 Amidst Strong Growth

ADNOC Drilling Company PJSC has reported its highest-ever financial results for the fourth quarter and full year ending 31st December 2024. The company achieved a full-year revenue of AED14.70 billion (US$4.03 billion), marking a 32% increase compared to the previous year. EBITDA for the year reached AED7.41 billion (US$2.01 billion), reflecting a 36% rise with a margin of 50%. Net profit for the year was AED4.77 billion (US$1.30 billion), up by 26%, with a margin of 32%.

For the fourth quarter of 2024, ADNOC Drilling saw its revenue grow by 41% year-on-year, reaching AED4.37 billion (US$1.19 billion). This growth was driven by increased activities and expansion in both onshore and offshore fleets, as well as oilfield services (OFS). EBITDA also rose by 41% to AED2.190 billion (US$596 million), while net profit amounted to AED1.50 billion (US$399 million), aligning closely with EBITDA growth after excluding a one-off impact from Q4 2023.

Abdulrahman Abdulla Al Seiari, CEO of ADNOC Drilling, stated, "Our record-breaking financial performance demonstrates our constant commitment to maximising growth and returns for our shareholders, while delivering sustainable and innovative solutions to our customers, both here in Abu Dhabi and beyond our borders." He highlighted that the company's net profit has more than doubled since listing on ADX.

The CEO further explained that ADNOC Drilling is focused on future growth by expanding its fleet and capabilities through joint ventures like Enersol and Turnwell. These efforts aim to power the future of energy with investments in AI-enabled technology, sustainability, and innovation.

The Board of Directors has proposed a final cash dividend payment of AED1.45 billion (US$394 million) for 2024, equating to 9.05 fils per share, pending shareholder approval at the upcoming Annual General Meeting (AGM). This brings the total dividend for 2024 to AED2.90 billion (US$788 million), representing a 10% increase from the previous year.

The final dividend for 2024 is anticipated to be distributed in early April 2025. Looking ahead, dividends are expected to rise by at least 10% annually, reaching at least AED3.18 billion (US$867 million) for 2025.

Operational Achievements

By the end of Q4 2024, ADNOC Drilling had operationalised a fleet of 142 owned rigs. Throughout the year, they brought into operation 23 rigs, including two jack-up rigs scheduled to join in the first half of 2025.

The company's outstanding financial results underscore its position as one of the fastest-growing energy services firms globally. ADNOC Drilling continues setting new benchmarks in unlocking world-class energy resources within its region.

With inputs from WAM