ADNOC Drilling Company PJSC confirmed shareholders’ approval of all agenda items at its Annual General Meeting, including the distribution of its final cash dividend payment for the year ended 31st December 2024.

ADNOC Drilling’s full-year revenue increased significantly to a record $4.034 billion, rising by 32% year-on-year and its full-year EBITDA reached a record high of $2.01 billion, up 36% year-on-year. Since the Company’s listing on ADX in 2021, its net profit for the full year has more than doubled, culminating in $1.30 billion in 2024.

By leveraging the strength of its balance sheet, the Company remains committed to pursuing smart growth, seizing new opportunities and maximising shareholder value over the long term.

Abdulrahman Abdulla Al Seiari, ADNOC Drilling CEO, said, “Our record-breaking financial performance and dividend reflect ADNOC Drilling’s strong momentum as the world’s fastest growing energy services company. With a 10% dividend increase to $788 million in 2024 and a commitment to further increase it by at least 10% in 2025 and beyond, we continue to deliver exceptional value to our shareholders while investing in the future.

Our targeted expansion across the region, AI-powered rigs and cutting-edge oilfield services position us for even greater success. As we accelerate innovation through Enersol and unlock Abu Dhabi’s unconventional energy potential through Turnwell, ADNOC Drilling remains at the forefront of the industry – driving efficiency, sustainability and long-term progressive returns for our shareholders.”

The final shareholder-approved cash dividend payment for 2024 amounts to $394 million (c.9.05 fils per share). This brings the total 2024 dividend to $788 million (c.18.1 fils per share), representing a 10% year-on-year increase versus 2023. The dividend will be paid on or around 11th April 2025, to all shareholders of record as of 27th March 2025.

Looking ahead, the dividend is expected to increase to at least $867 million for 2025, reaching at least $1.15 billion by 2028, based on the minimum 10% year-on-year increase, in line with the Company’s progressive dividend policy. The policy grants the Board of Directors discretion to distribute additional dividends above this floor, reaffirming ADNOC Drilling’s commitment to maximising growth and returns for its shareholders.