ADNOC Drilling’s earnings surge by 25% in Q1 of 2023

ADNOC Drilling company, a subsidiary of Abu Dhabi’s state oil company ADNOC, reported on Thursday a net profit of $219 million in the first quarter of 2023, or 25 percent higher year-on-year on the driven by onshore and oilfield services segments.

The company reported revenue of $716.1 million in the first quarter compared to $601 million in the first quarter of last year, as the board of directors of ADNOC Drilling has previously recommended a dividend of AED 1.25 billion for 2022.