Abu Dhabi, UAE — ADNOC Drilling Company has approved the final cash dividend of $358 million (8.22 fils per share) for 2023.
This brings the total dividend for the year to $717 million (16.45 fils per share), representing a 5 percent year-on-year increase versus 2022. The dividend will be paid on or around 3rd April 2024 to all record shareholders as of 21st March 2024.
ADNOC Drilling said the annual distribution is expected to grow by at least 5 percent per annum on a dividend per-share basis over the next three years (2024-2026).
ADNOC Drilling had posted a 29 percent jump in the net profit to $1.03 billion for the year 2023.
Revenue for the full year was US$3.057 billion, up 14 percent year-on-year, while EBITDA for the full year increased by 20 percent to US$1.483 billion with industry-leading EBITDA margin of 49 percent.
More on 2023 financial results here: ADNOC Drilling profit soars 29%
Abdulrahman Abdulla Al Seiari, Chief Executive Officer of ADNOC Drilling, said, “In 2023 we made excellent progress towards our strategic priorities while supporting our customers to achieve theirs. Our industry-leading HSE performance supported the delivery of record results in 2023.”
“2024 will be a landmark year for ADNOC Drilling. Our core integrated drilling services business is complemented by the establishment of Enersol, our strategic partnership with Alpha Dhabi, which will support the adoption of AI, digitization, and advanced technology solutions to drive growth, value, and efficiency.”