ADNOC Drilling Company announced the approval of the shareholders on all the agenda items at the annual general assembly meeting, including the distribution of the final batch of its cash profits for the fiscal year ending on December 31, 2024.
The company’s shareholders adopted final cash dividends for the past year, amounting to 1.45 billion dirhams (about 9.05 money per share), raising the total profit distributions of 2024 to 2.9 billion dirhams (about 18.1 fils per share), an increase of 10% on an annual basis compared to 2023.
The profits will be paid on April 11, 2025 or within days before or after this date for all registered shareholders from March 27, 2025.
The revenues of the “ADNOC Drilling” company for the fiscal year 2024 increased significantly to 14.82 billion dirhams, an increase of 32% on an annual basis, and the profits before benefits, taxes, consumption and firefighting reached an unprecedented level, reaching 7.4 billion dirhams, an increase of 36% on an annual basis, and the company doubled the net profit for more than weakness since its insertion in the Abu Dhabi markets market Finance to 4.77 billion dirhams in 2024.
The company will benefit from its strong budget in enhancing its commitment to smart growth, investing available opportunities and increasing value for shareholders in the long run.
The CEO of ADNOC Drilling Company, Abdul Rahman Abdullah Al -Sayari, said that the standard financial performance of the company and the rewards of profit, reflect the strong momentum enjoyed by ADNOC Drilling as the fastest growing power services company in the world, stressing that with the increase in profit distributions by 10% to reach 2.9 billion dirhams in 2024, and the company’s commitment to increase the distributions by no less than 10% in a year 2025 and the following years, the company continues to achieve an exceptional value for its shareholders, while working to implement the company’s future strategies.
It is noteworthy that, given the future, profit distributions for the year 2025 are expected to rise to at least 3.18 billion dirhams, to reach approximately 4.22 billion dirhams in 2028, based on the increase by at least 10% on an annual basis in line with the company’s rising profit policy.
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