ADNOC Drilling registers $904.5m profits in 9M-24; revenues hike 28% - Mubasher Info

ADNOC Drilling
ADNOCDRILL 0.59% 5.10 0.03

Abu Dhabi – Mubasher: The net profits of ADNOC Drilling Company hit $904.50 million in the first nine months (9M) of 2024, up 29% from $703.70 million in 9M-23.

The revenues amounted to $2.84 billion as of 30 September 2024, marking a 28% year-on-year (YoY) hike from $2.21 billion, according to the financial results.

Basic and diluted earnings per share (EPS) grew to AED 0.05 in 9M-24 from AED 0.04 a year earlier.

Financials for Q3-24

In the third quarter (Q3) of 2024, the ADX-listed group posted net profits valued at $334.86 million, an annual surge of 30% from $257.37 million.

The revenue hiked by 32% to $1.02 billion in Q3-24 from $776.10 million in Q3-23, while the EPS went up $0.02 from $0.01.

Quarterly, the Q3-24 net profits increased by 14% from $295 million in April-June 2024, while the revenues climbed by 10% from $935 million.

Abdulrahman Abdulla Al Seiari, CEO of ADNOC Drilling, said: “This exceptional performance, alongside our pursuit of operational excellence, is reshaping our earnings potential. Key milestones, such as the positive progress of Enersol and the successful launch of Turnwell, demonstrate our ability to execute on multiple fronts.”

Source: Mubasher Source: {{details.article.source}}