ADNOC Drilling significantly grows H1 net profit by 34% to $379 million

ADNOC Drilling significantly grows H1 net profit by 34% to $379 million

ABU DHABI, 9th August, 2022 (WAM) -- ADNOC Drilling Company today announced its financial results for the half year and second quarter ending 30th June, 2022. The company's net profit for H1 significantly grew by 34% to $379 million, while revenue increased 13% to $1.27 billion compared to the same period last year.

First half EBITDA was $580 million, up 16% year-on-year, with a market-leading margin of 45.7%, as the company made exceptional progress on delivering further cost savings.

Year-on-year revenue growth was led by the Onshore segment, as ADNOC Drilling continues to enable ADNOC's programme to significantly grow production capacity. The company's Oilfield Services (OFS) segment also achieved strong year-on-year gains.

Second quarter revenue grew 11% year-on-year to $669 million, driven primarily by the Onshore and OFS segments. Q2 22 EBITDA increased by 7% from the previous quarter as it climbed to $300 million for the period. Q2 22 net profit grew 17% from the previous quarter and by 19% year-on-year, to $204 million.

Onshore revenue for H1 was $702 million, up 24% on H1 21, largely driven by new rigs joining the fleet. The second quarter revenue was $383 million, up 33% on Q2 21. Overall operating rig days and underlying revenue