RIYADH: Abu Dhabi-based ADNOC Drilling’s net profit surged 34 percent to $379 million in the first half of 2022, as the firm’s revenue rose amid a continued fleet expansion program.
The half-yearly revenue of ADNOC Drilling, a unit of Abu Dhabi National Oil Co., increased 13 percent at the end of June to $1.27 billion, according to a press release.
The release added that the net profit to $204.85 million, while the revenue increased 11 percent to $669 million in the second quarter of 2022.
The company’s board has also approved an interim dividend rise of 5 percent to $341 million, which translates into 7.83 fils per ordinary share.
“Excellent half-year results and successful strategic execution are testaments to the vital role that the company is playing in enabling significant production capacity growth for ADNOC as well as the UAE’s objective to achieve gas self-sufficiency,” said Sultan Ahmed Al Jaber, UAE minister of industry and advanced technology and chairman of ADNOC Drilling.
Abdulrahman Abdullah Al Seiari, CEO of ADNOC Drilling said: “The rigs we have added to our fleet in the first half will support us in delivering on our resolute commitments to our shareholders, including ADNOC, as it works toward its production capacity targets and gas self-sufficiency for the UAE.”