ADNOC Drilling records revenue of AED 14.7 bln
The net profit for 2024 totalled AED 4.77 billion, representing a 26 per cent increase year-on-year, with a 32 per cent margin.
Commenting on the record 2024 financial results, ADNOC Drilling CEO, Abdulrahman Abdulla Al Seiari, said, 'As we remain focused on our future growth, we continue to expand our fleet and capabilities at ADNOC Drilling and through our joint ventures, Enersol and Turnwell, to continue powering the future of energy with AI-enabled technology investments, sustainability and innovation. I'd like to thank our people, partners and customers for their commitment and shared vision, as we continue to unlock the world-class energy resources in our region and set new benchmarks in the global energy industry.'
The Board of Directors recommends a final cash dividend payment of AED 1.45 billion for 2024 (9.05 fils per share), subject to shareholder approval at the upcoming Annual General Meeting (AGM).
The resulting total dividend for 2024 AED 2.90 billion (c.18.1 fils per share), represents a 10 per cent year-on-year increase compared to 2023.
The final 2024 dividend is expected to be distributed in the first half of April 2025. The dividend will then increase to at least AED 3.18 billion for 2025 based on the minimum 10 per cent year-on-year increase.
For the fourth quarter 2024, revenue grew 41 per cent year-on-year to AED 4.37 billion, driven by increased activity and growth of onshore and offshore fleets and the expansion of oilfield services (OFS).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Dubai Eye
an hour ago
- Dubai Eye
UAE regulator fines firm AED 5 million for misleading investors
In a major enforcement action, the UAE's Securities and Commodities Authority (SCA) has fined a licensed company AED 5 million and referred it to the Public Prosecution for misleading investors. The move comes after investigators uncovered serious violations, including breaches of anti-money laundering laws and counter-terrorism financing rules. The company was found to have misled investors by falsely implying that an overseas partner was licensed by the SCA—an act aimed at misappropriating client funds. The SCA said the deceptive scheme directly targeted investors in the UAE and undermined market integrity. The authority has emphasised its ongoing strategy of proactive oversight and risk-based supervision, aligning with global standards to maintain the UAE's reputation as a trusted financial hub.
Sharjah 24
2 hours ago
- Sharjah 24
Bank investments in UAE exceed AED 774 b by end of April 2025
Growth in debt securities and held-to-maturity investments According to banking indicators released by the Central Bank of the UAE, investments in debt securities (debts owed to others) grew to approximately AED 352.4 billion by the end of April. Meanwhile, securities held to maturity totaled AED 345.8 billion. Banks also invested AED 19.3 billion in stocks and AED 56.8 billion in other investment instruments. Bank credit surpasses AED 2.259 trillion Total bank credit rose to over AED 2.259 trillion, reflecting an annual growth of 9.5%. Of this, domestic credit accounted for approximately AED 1.881 trillion, while foreign credit reached AED 378.3 billion. Total deposits near AED 3 trillion Bank deposits exceeded AED 2.965 trillion, comprising AED 2.689 trillion in resident deposits, AED 275.6 billion in non-resident deposits, and investments by Emirate. The data also revealed a breakdown of investments by emirate: Abu Dhabi banks: AED 408.9 billion, Dubai banks: AED 296 billion, and other UAE banks: AED 69.5 billion.
Gulf Today
4 hours ago
- Gulf Today
Royex Technologies: AI spiraling business growth
Artificial Intelligence (AI) is reshaping how businesses operate today, according to Rajib Roy, Founder and CEO of Royex Technologies, a leading AI and digital transformation company headquartered in Dubai. 'From real-time decision-making to predictive analytics, AI empowers companies to move faster, operate smarter, and serve customers more efficiently,' said Roy, author of four AI and technology focused books. Reactive management to proactive strategy 'It's transforming manual tasks into intelligent workflows, enabling businesses to scale without proportional increases in cost or workforce. More importantly, it's helping leaders shift from reactive management to proactive strategy, based on data-driven insights. The real transformation lies in how AI allows companies to focus more on innovation and customer experience—two key drivers of long-term success,' explained Roy. Significant drop in operational cost of business Sharing an example of how AI transformation is scaling business operations, Roy said one of Royex Technologies' product EYAANA – an AI-first communication platform has made a positive impact on multiple industries. In particular, it has made massive strides with a real estate company where EYAANA has automated over 80% of lead interactions for the business across phone, WhatsApp, and web chat. 'This has resulted in a massive response time drop from hours to seconds. Beside, conversion rates improved by 27%, and the sales team could focus on closing deals rather than chasing leads. All this has led to a significant reduction in operational costs, for the real estate company as AI has replaced two full-time resources.' Maximising human resources In the hospitality sector, Royex Technologies partnered with a hotel group that previously had a team of 16 people managing customer support across WhatsApp, web chat, and social media. After integrating EYAANA's AI agents across all platforms, they were able to reallocate 12 staff members to other departments, retaining just two people for overseeing customer service operations. What previously required 16 human agents is now managed with an AI-augmented team of two people resulting in a cost saving of nearly 75% in that department, while maintaining 24/7 responsiveness and improved customer satisfaction. Beside the reallocation of the staff to other departments also meant their productivity was put to full use elsewhere. Giving clarity to businesses to move faster Strategically, AI creates value in multiple areas. It helps businesses better understand customer behavior and forecast future trends, enabling more personalized and targeted offerings. Roy said: 'Pricing and marketing strategies can be optimized using real-time data, while AI-powered tools support improved risk management and fraud detection. In supply chain operations, AI enhances planning, demand forecasting, and logistics efficiency. Additionally, by automating repetitive tasks and augmenting human capabilities, AI significantly improves employee productivity. In essence, AI acts as a decision-making accelerator, giving businesses the clarity and confidence to move faster and adapt smarter in a competitive environment.'
