2023-11-14 22:08:08
Yesterday, ADNOC Drilling announced its financial results for the third quarter and the first nine months of this year, recording an increase in third-quarter revenues to reach 2.85 billion dirhams, an increase of 16% on an annual basis, with growth in all sectors.
EBITDA increased by 27% year-on-year in the third quarter to reach AED 1.39 billion, as a result of strong growth and effective cost management initiatives, which led to an EBITDA margin of 49%. While net profits during the third quarter reached 944 million dirhams, an increase of 36% year-on-year.
During the first nine months of 2023, the company also recorded a growth in revenues of 14% year-on-year to reach 8.08 billion dirhams, driven by the increase in business activity and the expansion of the scope of the oilfield services business.
During the same period, net profits increased by 24% on an annual basis to reach 2.58 billion dirhams, while earnings before interest, taxes, depreciation and amortization increased by 20% on an annual basis to reach 3.9 billion dirhams.
The CEO of ADNOC Drilling, Abdul Rahman Abdullah Al-Sayari, said: “The strong results achieved by the company during the third quarter clearly confirm the effective implementation of our comprehensive strategy aimed at increasing profits, by expanding the company’s fleet of rigs and expanding the scope of our services. This also reflects… Results: Our ability to continue achieving profit growth while ensuring safe, efficient and sustainable operations, as creating value for shareholders in the long term for us remains fundamental to the company’s strategy and future growth.”
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