United Arab Emirates – The UAE company “ADNOC Drilling” announced record results in revenues and profits “before interest, tax, depreciation and amortization” until March 31, 2024.
During the first quarter of this year, the company achieved an increase in revenues amounting to 3.25 billion dirhams (about 885 million dollars), an increase of 24% on an annual basis, as the revenues of the offshore rigs and oil field services sectors achieved an increase in revenues of 51% and 16%, respectively. Annual basis.
Earnings before deducting interest, taxes, depreciation and amortization also increased by 31% on an annual basis to reach 1.6 billion dirhams (about $435 million), driven by strong operating performance, which led to an increase in the EBITDA margin on an annual basis to 49%, and reached 49%. Net profit for this quarter is one billion dirhams, an increase of 26% year-on-year.
The CEO of ADNOC Drilling, Abdul Rahman Abdullah Al-Sa’ari, said, “The company’s strong performance during the first quarter demonstrates that it has entered a new era of excellence, in which it is growing stronger, achieving the best results that meet and exceed the expectations of the market, its customers, and its shareholders.”
He pointed out that the company’s upward trajectory and its ability to generate large cash flows in the future encouraged the Board of Directors to recommend an improved progressive dividend policy to enhance shareholder returns.
($1 = 3.67 UAE dirhams)
Source: WAM
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2024-05-14 03:05:43