ADNOC Drilling Co., a subsidiary of Abu Dhabi’s state oil company ADNOC, reported a Q2 2023 net profit of $228 million, 12% higher year-on-year (YoY), driven by its onshore and oilfield services segments.
The net profit exactly matched analysts’ mean estimate of $228 million, according to data compiler, Refinitiv.
Revenue for the quarter grew 8% YoY to $724 million, the company said on Friday in a bourse filing on the Abu Dhabi Securities Exchange (ADX).
For H1 2023, ADNOC Drilling made a net profit of $446 million, 18% higher on year.
H1 revenue rose 13% YoY to $1.4 billion driven by the oilfield services and offshore jack-up segments which increased by 45% and 31% respectively.
It said it remains firmly on track to deliver its fiscal year 2023 guidance of revenue between $3-3.2 billion and net profit of between $850 million and $1 billion.
The company said the interim dividend for 2023, which will be soon announced, is expected to increase by a minimum of 5% versus last year. For full-year 2022 it paid a total dividend of $682.5 million.