Abu Dhabi – Mubasher: ADNOC Drilling Company logged net profits after tax valued at $340.94 million in the first quarter (Q1) of 2025, an annual increase of 24% from $274.61 million.
Revenue surged by 32% year-on-year (YoY) to $1.16 billion as of 31 March 2025 from $885.86 million, according to the financial results.
Basic and diluted earnings per share (EPS) went up to $0.021 in Q1-25 from $0.017 a year earlier.
Abdulrahman Abdulla Al Seiari, CEO of ADNOC Drilling, said: “The first quarter of 2025 has been more than just a strong start for ADNOC Drilling; it has demonstrated our financial resilience and laid the foundation for another year of significant growth.”
“We are progressing at pace on our strategic priorities, expanding our rig fleet, scaling our oilfield services offering and advancing our AI and digital capabilities,” Al Seiari highlighted.
He noted: “As we secure new contracts and expand into strategic markets, our scale and commitment to innovation continue to enhance efficiency and performance across the business.”
Dividends
On 18 March, the company’s shareholders approved all the distribution of the final cash dividend payment for the year ended 31 December 2024, at a value of $394 million.
This brought the total 2024 dividend to $788 million, representing a 10% YoY rise when compared to 2023.
On 7 May, the board approved dividends to be paid quarterly. The first quarterly dividend payment of 2025 will be for an amount of $217 million and is expected to be paid on or around 28 May.
For each of the coming three quarterly distributions for 2025, the amount of $217 million will be a floor.
