Skip to content Skip to Search
Skip navigation

Adnoc Drilling net profit rises 33% to $802m in 2022

Truck, Vehicle, Transportation Adnoc
Adnoc Drilling's results were largely driven by new rigs entering its operational fleet

Abu Dhabi-listed Adnoc Drilling reported an increase of 33 percent in 2022 net profit, as revenue was boosted by onshore and oilfield services businesses.

Net profit for 2022 stood at $802 million, up from $604 million in 2021. On the other hand, revenue increased to $2.67 billion in 2022 from $2.27 billion in 2021, an increase of 17.6 percent year-on-year.

In a filing to Abu Dhabi stock exchange, the company said its results were mostly driven by new rigs entering its operational fleet, with the total number of rigs reaching 115.

Abdulrahman Abdulla Al Seiari, CEO of Adnoc Drilling, said that the company has a backlog of over $10 billion of contracts awarded last year by its long-term customers.

“We are excited about the year ahead as we accelerate our business growth and build out our assets to enable Adnoc to realise its 2027 capacity targets.”

Adnoc Drilling released its first ever year-ahead guidance for 2023. The company expects total revenue of between $3 and $3.2 billion, resulting in growth of up to 20 percent year-on-year. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) is expected to be between $1.35 and $1.5 billion, with a healthy margin of 45 to 47 percent.

The firm has forecast record net profit of $850 million to $1 billion in 2023. Capital expenditure is forecast to be in a range of $1.3 to $1.75 billion this year, while the leverage ratio target will be maintained below 2.0x.

The final dividend for 2022 is expected to increase by a minimum of five percent, the statement said.

Latest articles

Flooding in Dubai affected many people's homes. Emaar has promised .free repairs for its residents, and an upgraded sewerage system is planned

Emaar promises free repairs as Dubai launches sewerage system

Emaar Properties is offering free repairs to residents whose homes were damaged during this week’s extreme flooding, as Dubai also announced an AED80 billion ($22 billion) sewerage system. The developer announced on Friday that it would repair all homes in its communities affected by the historic levels of rain, “at no cost to residents”. Emaar’s […]

A customer paying with a credit card inside the Black Friday Market in Beirut. Lebanon wants more people to move away from cash

Lebanon launches plan to promote use of bank cards

Lebanese central bank Banque du Liban announced a new agreement on Thursday that it hopes will result in a rebound in the use of bank cards. As part of the agreement, Mastercard and Visa will lower card fees on transactions, particularly for people with bank accounts based outside Lebanon. In a press release, the bank […]

Construction work in Kuwait. Nurseries, schools and shops are being built for the new residential district of Al Metlaa

Kuwait signs $140m contracts for Al Metlaa development

Kuwait’s Public Authority for Housing Welfare (PAHW) has signed two contracts worth KD42 million ($140 million) to construct public buildings in Al Metlaa, a new residential district north of Kuwait City. Nurseries, stores, schools and shops will be included, state news agency Kuna reported. Electricity connections have been provided for 109 buildings in the district, […]

Workers at Cano Limon oil field in eastern Colombia. Oil is one of the country's largest exports

UAE strikes Colombia deal to strengthen Latin American links

The UAE has strengthened trade relations with Latin America after signing a comprehensive economic partnership agreement with Colombia, just days after a Cepa deal was struck with Costa Rica. Officials from the UAE and Colombia put pen to paper on an agreement that will cut tariffs and remove trade barriers between the two countries. UAE […]