Abu Dhabi's ADNOC Drilling Co. net profit up 6.1% in 2021

  • 2/11/2022
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RIYADH: Abu Dhabi"s ADNOC Drilling Co. saw a 6.1 percent rise in net profit for last year, with revenues boosted by its onshore and oilfield services businesses, according to a statement. Net profit for 2021 was $603.9 million, up from $569 million in the year-earlier period. Full year earnings before interest, taxes, depreciation, and amortization was $1.047 billion, with a margin of 46.1 percent, due to progress on delivering further cost efficiencies, the company said. Revenues increased to $2.27 billion in 2021 from $2.10 billion in 2020. The year-on-year revenue growth was led by the onshore segment, as the company continues to support ADNOC Group’s program to significantly grow production capacity.

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