RIYADH: Abu Dhabi’s ADNOC Drilling reported a rise of 33 percent in 2022 net profit, largely driven by new rigs entering its operational fleet.
The company’s net profit for 2022 was $802 million, up from $604 million in the previous year. Revenue increased to $2.67 billion in 2022 from $2.27 billion in 2021.
ADNOC Drilling also presented strong guidance for 2023, with revenue projected at between $3 billion and $3.2 billion, representing year-on-year growth of up to 20 percent, according to a press release.
It is expecting a record net profit in 2023 of $850 million to $1 billion in the same period, the company said.
ADNOC Drilling’s Chief Financial Officer Esa Ikaheimonen said in a post-earnings call that the forecasts are underpinned by ADNOC Group’s plans to bring forward its 5 million barrel per day oil production capacity expansion to 2027 from a previous target of 2030, to meet rising global energy demand.
“That’s really what’s underpinning it because we as a drilling company are on a critical path in terms of achievement of those goals,” Ikaheimonen told Reuters.
Emirates Steel Arkan’s 2022 net profit jumps to $138.4 million
Buoyed by strong demand from international customers, Emirates Steel Arkan announced that its net profit rose to 508.5 million dirhams ($138.4 million) in 2022.
The rise in profit was also attributed to the steps taken by the group to enhance operational efficiencies following the merger of Emirates Steel and Arkan in the fourth quarter of 2021.
The group’s net profit for the full year 2022 was 508.5 million dirhams compared to a pro-forma loss of 636.7 million dirhams in the financial year 2021, supported by the group’s expansion of its international export footprint by 25 percent to 70 countries, from 56 in 2021.
Revenue for the financial year 2022 rose to 9.5 billion dirhams, versus pro-forma 8.6 billion dirhams in the financial year 2021, earnings before interest, taxes, depreciation, and amortization increased to 1.16 billion dirhams, a 51 percent year-on-year advance from pro-forma 770 million dirhams in the financial year 2021.
RAKEZ partners with RAKPSD to bolster industrial businesses
Aiming to regularize the movement of goods vehicles, Ras Al Khaimah Economic Zone signed a memorandum of understanding with Ras Al Khaimah Public Works Department to support the rollout of electronic Aber toll gate systems.
The aim of this partnership is to streamline the industrial inflow and outflow of RAKEZ clients’ transport and logistical operations.
RAKEZ industrial zones are home to companies that are involved in the regular movement of goods in and out of the emirate as well as the UAE.
This collaboration will help them easily tap into new regional and global markets.
In its continuous efforts to boost the ease of doing business in Ras Al Khaimah, RAKEZ said it has been closely working with government entities through various agreements.
Burjeel Holdings’ net profit up 52%
Burjeel Holdings, a leading healthcare services provider in the UAE, reported a record performance in the financial year 2022 posting revenue of 3.92 billion dirhams, an increase of 17 percent year-on-year.
Group EBITDA increased by 13 percent year-on-year to 878 million dirhams in the financial year 2022, delivered at a stable margin of 22.4 percent.
Net profit in the financial year 2022 increased by 52 percent to 355 million dirhams year-on-year.
The company’s overall group patient footfall increased by 15 percent. Hospital inpatient footfall increased by 17 percent, outpacing outpatient footfall growth of 15 percent.
Revenue from the hospital segment, which made up 88 percent of the group’s total revenue in the period, increased 18 percent year-on-year to 3.47 billion dirhams driven by strong growth at Burjeel Medical City and the group’s other larger Burjeel-branded hospitals.
(With input from Reuters)