Abu Dhabi – Mubasher: The net profits of ADNOC Drilling Company amounted to $218.68 million in the first quarter (Q1) of 2023, an annual jump of 25% from $174.45 million.
Revenues hit $716.08 million as of 31 March 2023, higher by 19% than $601.24 million in the year-ago period, according to the unaudited income statements.
Basic and diluted earnings per share (EPS) went up to $0.014 during Q1-23 from $0.011 in Q1-22.
The total assets reached $5.47 billion in Q1-23, compared to $5.49 billion as of 31 December 2022.
Abdulrahman Abdullah Al Seiari, CEO of ADNOC Drilling, commented: “Our Q1 results are particularly pleasing as they clearly demonstrate the effective execution of our strategy, to grow earnings by expanding our fleet and our offering, for the benefit of our customers and our shareholders.”
“To maximise value for shareholders now and into the future, we will continue to secure high quality, long-term contracts that offer superb future earnings visibility, as well as protection against market volatility,” Al Seiari added.
He noted: “At the same time, we will maintain our focus on operational excellence and sustainable operations, as well as capitalize on our unique position within the market as we remain firmly on track to deliver our 2023 guidance.”
Last April, ADNOC Drilling paid a total of $341.25 million as cash dividends for the second half (H2) of 2022.
During the 12-month period that ended on 31 December 2022, the company’s net profits hiked by 33% YoY to $801.80 million from $603.91 million.
