Abu Dhabi National Oil Company’s drilling subsidiary, Adnoc Drilling, approved a cash dividend of $325 million, or 7.46 fils per share, for the fiscal year ended on December 31 as its profits rose.
This brings the total dividend to $685m for last year, the company said in a statement on Wednesday.
“Our shareholders’ approval of the very attractive 2021 final dividend of $325m in Adnoc Drilling’s inaugural AGM [annual general meeting] is cemented by the company’s strong full-year results and its unique role as Adnoc’s sole drilling services provider,” Dr Sultan Al Jaber, chairman of Adnoc Drilling, said.
“Adnoc Drilling will continue to deliver the thousands of wells required for Adnoc’s significant production capacity growth targets, resulting in ongoing demand for drilling services and enabling sustainable growth while ensuring robust future returns for our shareholders.”
In February, Adnoc Drilling reported a 6 per cent rise in its full-year 2021 net income on the back of higher revenue. Net profit for the 12-month period climbed to $604m.
Revenue for the reporting period rose to $2.27 billion from $2.09bn at the end of 2020. The company attributed the rise in revenue to additional drilling services provided to Adnoc, Adnoc Onshore and Adnoc Offshore operations.
The company remains committed to a progressive dividend policy and “we remain firmly on track to deliver on our objective to achieve 5 per cent annual growth in our dividend over the next five years”, Dr Al Jaber said.
Adnoc Drilling raised more than $1.1bn in September from its initial public offering.
It is one of the largest drilling companies in the Middle East, operating more than 105 onshore, offshore and island rigs. The company, which began operations in 1972, has expanded its fleet of rigs, adding more than 65 since 2010, in line with the growth in oil and gas production capacity at Adnoc.
“Looking across 2022, we expect to accelerate our growth trajectory, driven by our new world-class rigs coming online, continued investments in integrated drilling services and technology, and a laser focus on driving cost efficiencies while ensuring we continue to deliver long-term value to our shareholders,” Abdulrahman Al Seiari, chief executive of Adnoc Drilling, said.
Results
5pm: Al Maha Stables – Maiden (PA) Dh80,000 (Turf) 1,600m; Winner: Reem Baynounah, Fernando Jara (jockey), Mohamed Daggash (trainer)
5.30pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (T) 1,600m; Winner: AF Afham, Tadhg O’Shea, Ernst Oertel
6pm: Emirates Fillies Classic – Prestige (PA) Dh100,000 (T) 1,600m; Winner: Ghallieah, Sebastien Martino, Jean-Claude Pecout
6.30pm: Emirates Colts Classic – Prestige (PA) Dh100,000 (T) 1,600m; Winner: Yas Xmnsor, Saif Al Balushi, Khalifa Al Neyadi
7pm: The President’s Cup – Group 1 (PA) Dh2,500,000 (T) 2,200m; Winner: Somoud, Adrie de Vries, Jean de Roualle
7.30pm: The President’s Cup – Listed (TB) Dh380,000 (T) 1,400m; Winner: Haqeeqy, Dane O’Neill, John Hyde.
SPEC%20SHEET%3A%20APPLE%20IPHONE%2015%20PRO%20MAX
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The biog
Name: Younis Al Balooshi
Nationality: Emirati
Education: Doctorate degree in forensic medicine at the University of Bonn
Hobbies: Drawing and reading books about graphic design
HEADLINE HERE
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- It can be as long as you link
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- That's about it
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Film: Raid
Dir: Rajkumar Gupta
Starring: Ajay Devgn, Ileana D'cruz and Saurabh Shukla
Verdict: Three stars
Find the right policy for you
Don’t wait until the week you fly to sign up for insurance – get it when you book your trip. Insurance covers you for cancellation and anything else that can go wrong before you leave.
Some insurers, such as World Nomads, allow you to book once you are travelling – but, as Mr Mohammed found out, pre-existing medical conditions are not covered.
Check your credit card before booking insurance to see if you have any travel insurance as a benefit – most UAE banks, such as Emirates NBD, First Abu Dhabi Bank and Abu Dhabi Islamic Bank, have cards that throw in insurance as part of their package. But read the fine print – they may only cover emergencies while you’re travelling, not cancellation before a trip.
Pre-existing medical conditions such as a heart condition, diabetes, epilepsy and even asthma may not be included as standard. Again, check the terms, exclusions and limitations of any insurance carefully.
If you want trip cancellation or curtailment, baggage loss or delay covered, you may need a higher-grade plan, says Ambareen Musa of Souqalmal.com. Decide how much coverage you need for emergency medical expenses or personal liability. Premium insurance packages give up to $1 million (Dh3.7m) in each category, Ms Musa adds.
Don’t wait for days to call your insurer if you need to make a claim. You may be required to notify them within 72 hours. Gather together all receipts, emails and reports to prove that you paid for something, that you didn’t use it and that you did not get reimbursed.
Finally, consider optional extras you may need, says Sarah Pickford of Travel Counsellors, such as a winter sports holiday. Also ensure all individuals can travel independently on that cover, she adds. And remember: “Cheap isn’t necessarily best.”
