ADNOC Drilling anchors 2021 with $2.27b revenue, net profit at $604m

ADNOC Drilling anchors 2021 with $2.27b revenue, net profit at $604m

Dubai: ADNOC Drilling - fresh from a record IPO - recorded revenues of $2.27 billion for 2021, a solid 8.2 per cent year-on-year gain. Net profit came to an impressive $604 million, with the ADNOC subsidiary benefiting from strong growth in its oilfield equipment and services division. The company's Board of Directors has recommended a final dividend of $325 million for the second-half of 2021. ADNOC Drilling, which raised $1.1 billion . The latest payout would then bring the total dividend for 2021 to $685 million, "in line with the guidance we provided at the time of the IPO," said Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, ADNOC Managing Director and Group CEO. "We are also able to reconfirm our guidance objective of 5 per cent annual growth in dividend per share from 2022-26.” In the onshore side of the business, revenue for the full year was $1.14 billion, which is up 6 per cent over 2020. This was in the main brought on by new rigs and rig reactivations. The final quarter revenue was, however, down 4 per cent to $293 million from a year ago, “impacted by stacking claim receipts booked in the