Sign inSubscribe

Search Site

VideosInforgraphics
Sign inSubscribe
Trends banner

Company News

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.

Equinor signs $27 bn gas deal

The 10-year contract was signed with Centrica.

ADNOC Drilling secures $1.15bn contract

The contract for two jack-up rigs begins in the second quarter.

ADNOC Drilling profit rises 33%

ADNOC Drilling said on Monday that its 2022 net profit increased by 33 percent.
By TRENDS Desk
February 13, 2023 1:44 pm
  • The company stated in a regulatory filing that the addition of more rigs to its operating fleet, which currently number 115 rigs, was a major factor in its success
  • It provided an optimistic forecast for 2023, with sales expected to range between $3 billion and $3.2 billion, indicating up to 20 percent annual growth

Abu Dhabi, UAE – ADNOC Drilling said on Monday that its 2022 net profit increased by 33 percent because of the growth of its onshore and oilfield services operations.

The net profit for 2022 surged to $802 million from $604 million the year before. The revenue climbed to $2.67 billion in 2022 from $2.27 billion in 2021. 

The company stated in a regulatory filing that the addition of more rigs to its operating fleet, which currently number 115 rigs, was a major factor in its success.

The company provided an optimistic forecast for 2023, with sales expected to range between $3 billion and $3.2 billion, indicating up to 20 percent annual growth. It  anticipates a record net profit of between $850 million and $1 billion in 2023.

[adinserter block="5"]

Most Read

Getting vaccinated is ‘the most patriotic thing’ to do

The Fourth of July is a sacred day in our country. A day of history, of hope, remembrance and resolve with promise and possibilities. Before me stands monuments of the…

UAE’s working mothers get extended maternity leave

The Gulf country is setting a new benchmark for supporting working mothers by doubling the mandated maternity leave to 120 days, Kathryn Martin VFS Global tell TRENDS.

Saudi Arabia to generate $150 billion in investments from its new transport policy

The government would provide thirty-five percent of the investments The rest of it, sixty-five percent, will come from the private sector Saudi Arabia expects to generate $150 billion from investments…

GCC healthcare: Transforming the region and impacting the world

PwC forecasts that AI could contribute US$320 billion to Middle Eastern economies by 2030, with healthcare predicted to see some of the largest gains relative to its current size

New-Age Growth Comes Home to the GCC

The region, fueled by ambition and massive investment, is rapidly advancing in technology and infrastructure, aiming to secure a leading role in the 4IR.

[adinserter block="4"]