Oil & Gas Adnoc Drilling proposes higher dividend after profit growth By Eva Levesque February 13, 2025, 3:26 PM Unsplash+/Getty The board of Adnoc Drilling has proposed a 10 percent year-on-year increase in dividend 10% increase proposed Shareholder approval needed Profit up 26% The board of directors of Adnoc Drilling has recommended raising the 2024 cash dividend by 10 percent year on year to $788 million after revenues rose 32 percent to $4.03 billion last year. The payout is subject to shareholders’ approval, and if approved, Adnoc Drilling’s dividend will amount to 18.1 fils per share (100 fils = 1 AED). The dividend will then increase to at least $867 million for 2025 based on the minimum 10 percent year-on-year increase, the company said in a statement. Adnoc Drilling’s EBITDA rose 36 percent to $2.01 billion in 2024, yielding a 50 percent EBITDA margin. Its net profit grew by 26 percent year on year to $1.3 billion. At the end of the fourth quarter of 2024, the fleet consisted of 142 owned rigs. In 2024 the company made 23 rigs operational, including two jack-up rigs set to join in the first half of 2025. Adnoc to sign LNG deal with India’s BPCL Adnoc Distribution to spend billions on M&A deals Adnoc Gas dividend unchanged despite record profit By 2028, Adnoc Drilling plans to expand its fleet to more than 150 rigs. In the medium term, Adnoc Drilling expects revenue to grow to $5 billion in 2026. It established its maintenance capital expenditure between $200 and $250 million annually. A subsidiary of Abu Dhabi National Oil Company, Adnoc Drilling’s share price has risen 8 percent this year and by 156 percent since it listed on the Abu Dhabi stock exchange in October 2021.
