Abu Dhabi.. AED 2.22 billion net profit for ADNOC Drilling in 2021

“ADNOC Drilling’s revenues for the 12-month period increased by 8.2% to reach 8.33 billion dirhams compared to the same period last year,” the company said.

And she added, in a statement published today, Friday: “Onshore drilling operations contributed mainly to achieving this increase on an annual basis, as the company continues to support the ADNOC Group program to increase production capacity significantly, while the oil field services sector contributed to achieving a significant increase in revenues and profits. before interest, tax, depreciation and amortization are deducted on an annual basis.

She explained that earnings before interest, tax, depreciation and amortization for the full year amounted to 3.85 billion dirhams, with a margin of 46.1%, as the company made significant progress in enhancing cost efficiency, while the net profit for the full year amounted to 2.22 billion dirhams, an increase of 6% on an annual basis. “.

And it indicated that “EBITDA in the fourth quarter of 2021 achieved a growth of 2.7% year-on-year, and EBITDA margins increased during the same period to reach 45.6%, which reflects the management’s active efforts to reduce central expenditures in that quarter.

According to the statement, “the oil field services sector witnessed the highest rate of revenue growth, compensating for the weak revenues of the drilling sector in the last quarter of 2021, which resulted in the stability of revenues during the last quarter of 2021 compared to the same period of the year 2020. The basic operational performance was stable. On an annual basis, the financial performance was lower as a result of non-recurring drilling revenues recorded in favor of the previous year.

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