Adnoc Drilling reports record net profit of Dhs4.77 billion in 2024
ADNOC Drilling Company PJSC announced today record financial results for the fourth quarter and full year ending 31st December 2024.
Full-year revenue reached Dhs14.70 billion (US$4.03 billion), an increase of 32 per cent year-on-year.
Full-year EBITDA amounted to Dhs7.41 billion (US$2.01 billion), an increase of 36 per cent year-on-year, with a 50 per cent margin.
Full-year net profit totalled Dhs4.77 billion (US$1.30 billion), representing an increase of 26 percent year-on-year, with a 32 percent margin.
Commenting on the record 2024 financial results, Abdulrahman Abdulla Al Seiari, ADNOC Drilling CEO, said, 'Our record-breaking financial performance demonstrates our constant commitment to maximising growth and returns for our shareholders, while delivering sustainable and innovative solutions to our customers, both here in Abu Dhabi and beyond our borders. Our outstanding 2024 financial results reinforce ADNOC Drilling's position as the world's fastest growing energy services company with net profit more than doubling since listing on ADX.
'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 AED1.45 billion (US$394 million) for 2024 (9.05 fils per share), subject to shareholder approval at the upcoming Annual General Meeting (AGM).
The resulting total dividend for 2024 Dhs2.90 billion, or US$788 million (c.18.1 fils per share) represents a 10 per cent year-on-year increase versus 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 Dhs3.18 billion (US$867 million) for 2025 based on the minimum 10 percent year-on-year increase.
For the fourth quarter 2024, revenue grew 41 percent year-on-year to Dhs4.37 billion (US$1.19 billion), driven by increased activity and growth of onshore and offshore fleets and the expansion of oilfield services (OFS).
EBITDA grew 41 percent year-on-year to Dhs2.190 billion (US$596 million) and net profit was Dhs1.50 billion (US$399 million), growing at a pace closer to EBITDA, once excluding from Q4 2023 the positive one-off impact on D&A.
At the end of Q4 2024, the fleet consisted of 142 owned rigs. In 2024 the Company operationalised 23 rigs, including two jack-up rigs set to join in H1 2025.
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