17 April 2025, Thu |
11:30 AM
ADNOC Drilling Company PJSC has confirmed shareholders’ approval for all agenda items at its Annual General Meeting, including the final cash dividend payment for the year ended December 31, 2024.
The company reported a significant increase in full-year revenue, reaching a record $4.034 billion, marking a 32% year-on-year growth. EBITDA also hit a record high of $2.01 billion, up 36% from the previous year. ADNOC Drilling’s net profit for 2024 more than doubled since its listing on the Abu Dhabi Securities Exchange (ADX) in 2021, reaching $1.30 billion.
Abdulrahman Abdulla Al Seiari, CEO of ADNOC Drilling, commented, “Our record-breaking financial performance and dividend reflect ADNOC Drilling’s strong momentum as the world’s fastest-growing energy services company. With a 10% increase in the 2024 dividend to $788 million, and a commitment to further increases in the coming years, we continue to deliver exceptional value to our shareholders.”
The 2024 final cash dividend payment amounts to $394 million (approximately 9.05 fils per share), bringing the total dividend for 2024 to $788 million (approximately 18.1 fils per share), a 10% increase from 2023. The dividend will be paid on or around April 11, 2025, to shareholders on record as of March 27, 2025.
Looking ahead, ADNOC Drilling plans to increase its dividend further to at least $867 million in 2025, with a target of $1.15 billion by 2028, based on the company’s progressive dividend policy.
The company’s growth trajectory is supported by its fleet expansion, with a projected rig count of over 148 by 2026 and more than 151 by 2028. ADNOC Drilling is also introducing AI-powered rigs to enhance efficiency in its oilfield services, positioning the company for even greater success in the future.
In addition to its regional expansion, ADNOC Drilling’s joint ventures, including Enersol and Turnwell, are driving technological advancements and contributing to the development of unconventional energy resources in Abu Dhabi. Enersol, a partnership with Alpha Dhabi, has acquired majority stakes in four tech-enabled oilfield service companies, while Turnwell, a joint venture with SLB and Patterson-UTI, continues to deliver accelerated well completions.
For 2025, ADNOC Drilling has provided a strong guidance forecast, expecting total revenue between $4.6 billion and $4.8 billion, with EBITDA ranging from $2.15 billion to $2.3 billion. Net profit is anticipated to be between $1.35 billion and $1.45 billion.
The company also expects CapEx between $0.35 billion and $0.55 billion, with free cash flow projected to range from $1.3 billion to $1.6 billion. ADNOC Drilling aims to maintain a conservative leverage target of up to 2.0x Net Debt/EBITDA.
With a projected medium-term revenue of around $5 billion in 2026, ADNOC Drilling is poised for sustained growth and profitability, with a focus on maximizing shareholder returns while expanding its operational capacity.
Key Financial Highlights:
With its strong financial performance and forward-looking strategies, ADNOC Drilling is set to continue driving efficiency, innovation, and long-term growth in the energy sector.
