ADNOC Drilling reports almost 50% increase in Q3 profit

ADNOC Drilling announced an increase by almost 50 percent in the third quarter of 2021 with revenue increase by 12 percent to US $1.7 billion compared to the same period last year; few months after it went public.  

The company said in a statement that their reported EBITDA of US $785 million, surpassed targets, with a very healthy margin of 46 percent, and net profit of US $460 million for the period, which is an increase by 9 percent year-on-year. For the third quarter.

“With double-digit revenue growth, ADNOC Drilling has demonstrated exceptional financial performance and commercial resilience, reflected in a very robust third-quarter. These impressive results follow ADNOC Drilling’s record ADX listing in early October, and were well above market forecasts," said Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, ADNOC Managing Director and Group CEO, and Chairman of ADNOC Drilling, in the statement.

“ADNOC Drilling sits at the heart of ADNOC’s ambitious growth plans and is critical in enabling ADNOC to achieve its significant production capacity growth targets and help the UAE achieve gas self-sufficiency. ADNOC will remain a committed, long-term majority shareholder in ADNOC Drilling as the Company continues on its exciting growth trajectory while delivering attractive returns for shareholders," he added.

The company reported revenues of US $571 million, an increase by 11 percent year-on-year, and EBITDA of US $285 million, representing a 50 percent margin in the quarter.