2023-10-10 10:33:00
Tuesday, October 10, 2023 – 2:33 p.m
Abu Dhabi, October 10 / WAM / ADNOC Drilling announced today interim dividends of 1.31 billion dirhams, or 8.22 fils per share, for the first half of 2023.
The value of these dividends represents a further increase of 5% year-on-year, in line with the company’s progressive dividend policy. The interim dividend will be paid by October 27, 2023 to all registered shareholders as of October 19, 2023.
Abdul Rahman Abdullah Al-Sayari, CEO of ADNOC Drilling, said: “The continued growth in the company’s dividends reflects its expected cash flows and the strength of its long-term business growth plans. The company’s ability to provide attractive, sustainable and progressive returns to shareholders also confirms our interest in the company’s profitability and cash flows, through implementing the growth plans of our customers and the company’s initiatives that promise more growth and progress in the coming years.”
He added: “During the first half of 2023, the company continued its efforts to accelerate the expansion of its fleet of excavators in an unprecedented way, in addition to signing a package of contracts worth more than 8.81 billion dirhams (2.4 billion US dollars). These contracts provide long-term contracts, in addition to our relationship with… The unique contractual agreement with ADNOC provides a clear, long-term vision of cash flows and profits, as well as providing protection for the company from market fluctuations.”
In the first half of 2023, ADNOC Drilling announced an increase in its revenues of 5.29 billion dirhams (1.4 billion US dollars), an increase of 13% year-on-year, and an increase in earnings before interest, taxes, depreciation and amortization of 2.49 billion dirhams ( 677 million US dollars), an increase of 17% year-on-year, and an increase in net profits reaching 1.64 billion dirhams (446 million US dollars), an increase of 18% year-on-year.
The interim dividends for 2023 are in line with the company’s progressive dividend policy, reflecting strong cash flow expectations and expected profits in the long term, while providing a strong margin that enables the company to continuously finance operations and investments to ensure the sustainability of its growth in the long term.
It is noteworthy that the value of the distributions paid to shareholders since the company’s listing on the Abu Dhabi Securities Market, including the latest interim dividends, has reached 5.016 billion dirhams (1.366 billion US dollars).
Ahmed Al-Boutli/Ahmed Al-Nuaimi
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