RIYADH: Abu Dhabi's ADNOC Drilling Co. saw a 6.1 percent rise in net profit for last year, with revenues boosted by its onshore and oilfield services businesses, according to a statement.
Net profit for 2021 was $603.9 million, up from $569 million in the year-earlier period.
Full year earnings before interest, taxes, depreciation, and amortization was $1.047 billion, with a margin of 46.1 percent, due to progress on delivering further cost efficiencies, the company said.
Revenues increased to $2.27 billion in 2021 from $2.10 billion in 2020.
The year-on-year revenue growth was led by the onshore segment, as the company continues to support ADNOC Group’s program to significantly grow production capacity.
