Abu Dhabi – Mubasher: ADNOC Drilling Company recorded 24% higher net profits at $704 million in the first nine months (9M) of 2023, compared to $568 million in 9M-22.

Revenues increased by 14% year-on-year (YoY) to $2.21 billion as of 30 September 2023 from $1.94 billion, according to the financial results.

The earnings per share (EPS) hit $0.04 in 9M-23, compared to $0.03 in the year-ago period.

Financial Statements for Q3-23

In the third quarter (Q3) of 2023, the UAE-based group achieved net profits valued at $257 million, marking a 36% YoY hike from $189 million.

Revenues jumped by 16% to $776 million in Q3-23 from $670 million in Q3-22, while the EPS went up to $0.016 from $0.012.

On a quarterly basis, the Q3-23 net profits climbed by 13% from $227.64 million in Q2-23, while the revenues increased by 7% from $724 million.

Abdulrahman Abdulla Al Seiari, CEO of ADNOC Drilling, said: “Our positive third-quarter results clearly demonstrate the effective execution of our comprehensive strategy to grow earnings by expanding our fleet and our service offering.”

“Long-term shareholder value creation remains central to our strategy and future development,” Al Seiari indicated.