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.