The second quarter and first half of 2024 saw record financial results for ADNOC Drilling Company, announced today. Due to the growth in EBITDA, the company’s net profit for the quarter increased as well, rising 29% year over year and 7% sequentially to $295 million. For the first half of the year, the figure was up 28% year over year to $570 million.
Record EBITDA was generated by the strong top line in both the quarter and the first half. To reach $472 million in the second quarter, EBITDA climbed by 8% consecutively and 37% year over year, resulting in a 50% EBITDA margin.
EBITDA for the first half of the year was $909 million, up 34% from the previous year, with a 50% margin thanks to the company’s persistently successful cost-control measures and robust revenue growth.
ADNOC Drilling has continued to deliver on its strategic initiatives and has successfully closed the first half of the year on a strong note, achieving multiple milestones,” stated Abdulrahman Abdulla Al Seiari, CEO of ADNOC Drilling, in response to the results.
The Company’s results for the time frame continue to demonstrate our steadfast dedication to efficiency and operational excellence across the board. Our accomplishments for the time frame are a tribute to our employees’ unwavering commitment, which is essential to providing exceptional customer service and optimising value for our investors.
Also Read:
A Dh15 Million Big Ticket Prize is Won by an Abu Dhabi Expat
With its Shares Plunging, Intel Plans to Lay off Over 17,000 Workers
