Abu Dhabi: «Gulf»
Shareholders of ADNOC Drilling approved all items on the agenda of the Annual General Assembly meeting, including distributions for the year ending on December 31, 2022.
The final dividend for 2022, approved by shareholders, amounted to 1.25 billion dirhams, or the equivalent of 7.83 fils per share. The dividend will be paid on April 25, 2023 to all shareholders of record on April 13, 2023.
With shareholders approval of the final dividend, the total dividend payment for the full year of 2022 rises to AED 2.50 billion, or 15.67 fils per share, an increase of 5% year-on-year compared to 2021 levels. The strong dividend payout is driven by the exceptional 2022 financial results, Which witnessed an increase in revenues by 18%, and an increase in EBITDA by 4.52 billion dirhams, with a strong profit margin of 46%, and an unprecedented net profit of 2.92 billion dirhams, an increase of 33% on an annual basis.
ADNOC Drilling continues, in light of its strong growth that is reflected in its distinguished cash flows, to confirm its commitment to the annual progressive dividend policy, which is expected to grow annually, by no less than 5%, in line with the pioneering dividend policy per share. over the next four years (2023-2026).
For his part, Abdul Rahman Abdullah Al Sayari, CEO of ADNOC Drilling, said: “Since the company’s initial public offering date in October 2021, we have continuously focused on achieving added value through our investments and implementation of strategic growth plans. During 2022, we were able to achieve a net profit of 2.92 billion dirhams, an increase of 33% year-on-year, and EBITDA amounted to 4.52 billion dirhams.
He continued, “During 2023, we will continue to accelerate the company’s growth path, thanks to the introduction of new platforms with international specifications within our operational fleet. We will also continue to invest in the integrated drilling services sector, and expand the scope of our services related to the development of unconventional oil and gas resources.”
