ADNOC Drilling announced its financial results for the first half and second quarter ending June 30, 2022, revealing that the company increased its net profit by 34 percent to 1.39 billion dirhams, while revenues increased by 13 percent to 4.66 billion dirhams, compared to the same period last year.
As a result of the company’s continued success in cost efficiency, the first-half profit before interest, tax, depreciation, and amortization reached 2.13 billion dirhams, up 16 percent year on year, with a margin of 45.7 percent.
ADNOC Drilling’s annual revenue growth is driven by the onshore drilling services sector and the company‘s ongoing efforts to enable the ADNOC Group to meet its ambitious goal of increasing production capacity year on year.
Revenues increased by 11 percent year on year to 2.45 billion dirhams in the second quarter, primarily due to the onshore drilling and oilfield services sectors. Earnings before interest, tax, depreciation, and amortization increased by 7 percent in the second quarter of 2022 compared to the first quarter, reaching 1.10 billion dirhams. The net profit for the second quarter of 2022 increased by 17 percent compared to the first quarter and by 19 percent year on year to 749.19 million dirhams.
After adding new rigs to the fleet, revenues from the onshore drilling services sector increased by 24 percent in the first half of 2021 to reach 2.57 billion dirhams. Revenues for the second quarter totaled 1.4 billion dirhams, a 33 percent increase over the same period last year.
The offshore drilling services sector’s revenues in the first half amounted to 1.05 billion dirhams, broadly stable compared to the previous year, while revenues in the second quarter were 528.84 million dirhams, an 8 percent decrease compared to the second quarter of last year due to rig operational status and delays in replacing leased excavators with company-owned units.
Revenues in the oil field services sector increased due to a strong first-half performance, totaling 657.38 million dirhams, a 14 percent increase over the same period last year, driven by high activity due to continuous expansion with a good development margin. Revenues for the second quarter of this year totaled 334.20 million dirhams, a 5 percent increase year on year.
