Skip to content Skip to Search
Skip navigation

Adnoc Drilling 2023 profit jumps 29% to $1bn

By Pramod Kumar
Adnoc Drilling's board recommended a final dividend payment of $358 million for 2023 Adnoc Drilling
Adnoc Drilling's board recommended a final dividend payment of $358 million for 2023

Abu Dhabi-listed Adnoc Drilling reported a 29 percent increase in net profit to $1 billion from $802 million a year ago, supported by its fleet expansion strategy and accelerated growth of oilfield services.

Revenue rose 14 percent annually to $3 billion, driven by offshore jack-up and oilfield services segments, which increased 31 percent and 37 percent, respectively.

The company added 14 new drilling units last year, including four lease-to-own land rigs, taking its owned and operated fleet size to 129 rigs. 

Cash from operations fell 11 percent year on year to $1.4 billion.

During the fourth quarter of 2023, net profit rose 41 percent year on year to $329 million, as revenue jumped 15 percent annually to $841 million.

Adnoc Drilling’s board recommended a final dividend payment of $358 million for 2023, subject to shareholder approval. The final dividend is anticipated to be paid in the first half of April 2024.

As a result, total dividend will reach $717 million, a 5 percent year on year increase.

The company has projected revenue at $3.6-$3.8 billion and a net profit of $1-$1.3 billion for 2024.

Latest articles

Alshaya Group, one of the Gulf’s largest franchise owners, is expected to resume discussions about Starbucks next year if the situation improves

Kuwait’s Alshaya delays Starbucks franchise stake sale

Kuwait’s Alshaya Group is “not in a hurry” to sell a stake in its Starbucks regional franchise due to the ongoing geopolitical unrest and boycotts, which is affecting its valuation, according to a news report. Discussions are expected to resume next year “if the situation improves”, Reuters reported, citing informed sources. The company, one of […]

Saudi Arabia’s new investment of $5bn will be separate from its deposits with the central bank, Egypt's prime minister Mostafa Madbouly said

Egypt explores new mega deals like Ras El-Hekma

Egypt is planning new developments along the Red Sea coast, with at least five new areas identified for deals similar to Ras El-Hekma, prime minister Mostafa Madbouly has said. The UAE sovereign fund ADQ unveiled plans in February to invest $35 billion to build the “largest new city” in Egypt to promote tourism and drive […]

QIA is exploring investment opportunities, including carve-outs among conglomerates and take-private deals in Japan

QIA looks at investments in Australia and Asia

Qatar Investment Authority (QIA) is looking at expanding into Australia, South Korea and Southeast Asia as part of its growth strategy, a senior fund official has said. The sovereign fund is starting to hire locally in Australia and South Korea, Abdulla Ali Al-Kuwari, head of Asia Pacific at QIA Advisory, told a panel at the […]

Sharjah is seen as a more affordable alternative to Dubai, making its real estate attractive

Foreign investors help Sharjah real estate thrive

Sharjah’s real estate sector recorded 22 percent growth in the number of foreign investors during the first half of the year compared with the same period last year, attracting investors from 100 different nationalities. The number of properties traded by foreign investors in the emirate during the first six months of this year reached almost […]