ADNOC Drilling Delivers Approves $788M 2024 Dividend
Accelerates AI-Enabled Expansion
London, March 18, 2025, (Oilandgaspress) –– ADNOC Drilling Company PJSC confirms shareholders’ approval of all agenda items at its Annual General Meeting, including the distribution of its final cash dividend payment for the year ended December 31, 2024.
Record Financial Results for the 12 Months Ended December 31, 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 maximizing shareholder value over the long term.
Final 2024 Dividend
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 April 11, 2025, to all shareholders of record as of March 27, 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 maximizing growth and returns for its shareholders.
This growth trajectory is supported by the Company’s fleet expansion, projected revenue growth and robust returns, including return on average capital employed (ROACE), which in 2024 exceeded 20% as well as return on equity (ROE) surpassed 30%. Additionally, ADNOC Drilling expects substantial free cash flow of up to $1.6 billion in 20251 and net income growth with an implied payout ratio of less than 65% at the dividend floor in 2025. This strategic approach positions ADNOC Drilling for significant financial and operational success in the coming years.
The Company’s full year 2025 financial guidance is presented below:
| USD Billions (unless otherwise stated) | % Change |
|---|---|
| Revenue | 4.60 – 4.80 |
| Onshore Revenue | 1.95 – 2.10 |
| Offshore Revenue (Jack-up & Islands)2 | 1.35 – 1.45 |
| Oilfields Services Revenue | 1.10 – 1.25 |
| EBITDA | 2.15 – 2.30 |
| EBITDA Margin | 46% – 48% |
| Net Profit | 1.35 – 1.45 |
| Net Profit Margin | 28% – 30% |
| CapEx(Excluding M&A)3 | 0.35 – 0.55 |
| FCF(excluding M&A)4 | 1.30 – 1.60 |
| Leverage target | <2.0x |
| Dividend floor(+10% vs 2024) | 0.87 |
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