Abu Dhabi’s National Oil Company’s drilling subsidiary, Adnoc Drilling, reported a 6 per cent rise in its full year 2021 net income on the back of higher revenue as the company continues to support Adnoc’s efforts to grow its production capacity.
Net profit for the 12-month period to the end of December climbed to $604 million, from $569m recorded for the same period a year earlier, Adnoc Drilling said in a regulatory filing on Friday, to the Abu Dhabi Securities Exchange, where its shares are traded.
Revenue for the reporting period rose to $2.27 billion from $2.09bn reported 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 strong full year results and successful strategic execution are testament to the vital role that the company is playing in enabling significant production capacity growth for Adnoc as well as the UAE’s objective to achieve gas self-sufficiency," said Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Adnoc managing director and group chief executive, and chairman of Adnoc Drilling.
The company's board is recommending a final dividend of $325m for the second half of 2021, bringing the total dividend for the financial year to $685m, in line with the guidance provided at the time of the company's initial public offering.
"We are also able to reconfirm our guidance objective of 5 per cent annual growth in dividend per share from 2022-2026,” Dr Sultan said.
Adnoc Drilling raised more than $1.1bn in September from its initial public offering, which was oversubscribed more than 31 times.
State-controlled oil and gas producer Adnoc remains Adnoc Drilling's majority shareholder, with an 84 per cent stake. US energy services company Baker Hughes, which entered into a strategic partnership with Adnoc Drilling in October 2018, has 5 per cent and US contract oil and gas driller Helmerich & Payne holds 1 per cent shareholding in the company.
Adnoc Drilling, which is the largest national drilling company in the Middle East by rig fleet size, said its revenue from onshore operations climbed 6 per cent to $1.14bn in the last financial year, largely driven by new rigs and rig reactivations. Offshore Jackup operations revenue for the reporting period was $596m, broadly unchanged from $597m in 2020.
We remain very enthusiastic about the year ahead as we build out our drilling assets and oilfield services with our strategic partners Baker Hughes and Helmerich & Payne
Abdulrahman Al Seiari,
chief executive, Adnoc Drilling
The company’s oilfield services segment also performed well throughout the year, driven by higher activity from continued expansion, with revenue increasing 48 per cent year-on-year to $329m.
Fleet utilisation rate last year reached 96 per cent and the company’s cash from operations jumped 7 per cent year-on-year to $1.08bn, which equates to cash conversion of 104 per cent of its earnings before interest, taxes, depreciation and amortisation.
Capital expenditure for the full year increased 34 per cent to $505m in 2021, as the company continued to pursue expansion plans.
"We remain very enthusiastic about the year ahead as we build out our drilling assets and oilfield services with our strategic partners Baker Hughes and Helmerich & Payne," said Abdulrahman Al Seiari, chief executive of Adnoc Drilling.
"Technology and innovation will be at the heart of that programme, and we are looking forward to reporting on a number of important milestones for the company in the months to come."
In December, Adnoc Drilling signed a deal with Helmerich & Payne to improve its land rig operational performance. The Rig Enablement Framework Agreement between the two companies will also support Adnoc Drilling’s growth and expansion plans.
Also in December, Adnoc Drilling agreed a five-year $3.8bn contract with Adnoc Onshore for the continued provision of drilling, workover and other well services that will drive efficiency in work crews, rig move time and maintenance scheduling.
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Starring: Amir El-Masry, Pierce Brosnan
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Rating: 4/5
The specs: 2018 Nissan Altima
Price, base / as tested: Dh78,000 / Dh97,650
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Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
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Essentials
The flights
Emirates and Etihad fly direct from the UAE to Geneva from Dh2,845 return, including taxes. The flight takes 6 hours.
The package
Clinique La Prairie offers a variety of programmes. A six-night Master Detox costs from 14,900 Swiss francs (Dh57,655), including all food, accommodation and a set schedule of medical consultations and spa treatments.
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Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
Skoda Superb Specs
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Torque: 320Nm
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Polarised public
31% in UK say BBC is biased to left-wing views
19% in UK say BBC is biased to right-wing views
19% in UK say BBC is not biased at all
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Company Profile
Company name: Yeepeey
Started: Soft launch in November, 2020
Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani
Based: Dubai
Industry: E-grocery
Initial investment: $150,000
Future plan: Raise $1.5m and enter Saudi Arabia next year
ACL Elite (West) - fixtures
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