Abu Dhabi’s ADNOC Drilling posts $164.4mln profit for 2021

Abu Dhabi’s ADNOC Drilling posts $164.4mln profit for 2021

State-owned oil giant ADNOC Drilling Company reported on Friday a 6.12 percent profit gain for 2021, as its revenue increased on the back of higher onshore and offshore drilling activity. Total profit for the year ended December 31, 2021 reached 603.9 million dirhams ($164.4 million), up from 569.03 million dirhams 12 months earlier. “The increase in revenue was due to additional drilling services provided to Abu Dhabi National Oil Company (ADNOC), ADNOC Onshore and ADNOC Offshore,” according to a disclosure to the Abu Dhabi Securities Exchange (ADX). The company said its results over the past 12 months are “particularly impressive” within the backdrop of the challenging year marked by ongoing global pandemic. “We remain very enthusiastic about the year ahead as we build out our drilling assets and oilfield services with our strategic partners.” (Writing by Cleofe Maceda; editing by Seban Scaria) [email protected] Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here . © ZAWYA 2022