Arab Press

بالشعب و للشعب
Friday, Mar 31, 2023

UAE In-Focus — Abu Dhabi's ADNOC Drilling net profit rises 33% in 2022  

UAE In-Focus — Abu Dhabi's ADNOC Drilling net profit rises 33% in 2022  

Abu Dhabi’s ADNOC Drilling reported a rise of 33 percent in 2022 net profit, largely driven by new rigs entering its operational fleet.

The company’s net profit for 2022 was $802 million, up from $604 million in the previous year. Revenue increased to $2.67 billion in 2022 from $2.27 billion in 2021.  

ADNOC Drilling also presented strong guidance for 2023, with revenue projected at between $3 billion and $3.2 billion, representing year-on-year growth of up to 20 percent, according to a press release. 

It is expecting a record net profit in 2023 of $850 million to $1 billion in the same period, the company said. 

ADNOC Drilling’s Chief Financial Officer Esa Ikaheimonen said in a post-earnings call that the forecasts are underpinned by ADNOC Group’s plans to bring forward its 5 million barrel per day oil production capacity expansion to 2027 from a previous target of 2030, to meet rising global energy demand. 

“That’s really what’s underpinning it because we as a drilling company are on a critical path in terms of achievement of those goals,” Ikaheimonen told Reuters. 

Emirates Steel Arkan’s 2022 net profit jumps to $138.4 million 

Buoyed by strong demand from international customers, Emirates Steel Arkan announced that its net profit rose to 508.5 million dirhams ($138.4 million) in 2022. 

The rise in profit was also attributed to the steps taken by the group to enhance operational efficiencies following the merger of Emirates Steel and Arkan in the fourth quarter of 2021.  

The group’s net profit for the full year 2022 was 508.5 million dirhams compared to a pro-forma loss of 636.7 million dirhams in the financial year 2021, supported by the group’s expansion of its international export footprint by 25 percent to 70 countries, from 56 in 2021. 

Revenue for the financial year 2022 rose to 9.5 billion dirhams, versus pro-forma 8.6 billion dirhams in the financial year 2021, earnings before interest, taxes, depreciation, and amortization increased to 1.16 billion dirhams, a 51 percent year-on-year advance from pro-forma 770 million dirhams in the financial year 2021.  

RAKEZ partners with RAKPSD to bolster industrial businesses  

Aiming to regularize the movement of goods vehicles, Ras Al Khaimah Economic Zone signed a memorandum of understanding with Ras Al Khaimah Public Works Department to support the rollout of electronic Aber toll gate systems.  

The aim of this partnership is to streamline the industrial inflow and outflow of RAKEZ clients’ transport and logistical operations. 

RAKEZ industrial zones are home to companies that are involved in the regular movement of goods in and out of the emirate as well as the UAE. 

This collaboration will help them easily tap into new regional and global markets.  

In its continuous efforts to boost the ease of doing business in Ras Al Khaimah, RAKEZ said it has been closely working with government entities through various agreements. 

Burjeel Holdings’ net profit up 52%   

Burjeel Holdings, a leading healthcare services provider in the UAE, reported a record performance in the financial year 2022 posting revenue of 3.92 billion dirhams, an increase of 17 percent year-on-year.  

Group EBITDA increased by 13 percent year-on-year to 878 million dirhams in the financial year 2022, delivered at a stable margin of 22.4 percent. 

Net profit in the financial year 2022 increased by 52 percent to 355 million dirhams year-on-year. 

The company’s overall group patient footfall increased by 15 percent. Hospital inpatient footfall increased by 17 percent, outpacing outpatient footfall growth of 15 percent.  

Revenue from the hospital segment, which made up 88 percent of the group’s total revenue in the period, increased 18 percent year-on-year to 3.47 billion dirhams driven by strong growth at Burjeel Medical City and the group’s other larger Burjeel-branded hospitals. 


Related Articles

Arab Press
Don’t Dismiss China’s Peacemaking Bid
China and Brazil have signed a new deal that will allow them to trade in their own currencies, bypassing the US dollar as an intermediary
Elon Musk and Others Call for Pause on A.I., Citing ‘Profound Risks to Society’
“We've had evidence prior to the pandemic that masks were largely ineffective at preventing community transmission of influenza “
Former Starbucks CEO Howard Schultz:
Former Starbucks CEO Howard Schultz rejects being labeled a "billionaire"
Jamie Dimon is being deposed over JPMorgan Chase role in Epstein lawsuits
Brand new security footage has just been released to the public showing the Active shooter Audrey Elizabeth Hale drove to Covenant Church School in her Honda Fit this morning, parked, and shot her way into the building
Smart Iranian fashion designer teaching dummy TV anchors lesson about reality
U.S. charges FTX's Bankman-Fried with paying $40 million bribe
Fallen 'Crypto King' Who Owes Millions to Investors Was Kidnapped and Tortured
Regulators blame social media for SVB's rapid collapse: 'Complete game changer'
AOC explains why she opposes banning TikTok
Gordon Moore, a co-founder of Intel Corporation, died at 94
Powell: Silicon Valley Bank was an 'outlier'
Donald Trump arrested – Twitter goes wild with doctored pictures
Credit Suisse's Scandalous History Resulted in an Obvious Collapse - It's time for regulators who fail to do their job to be held accountable and serve as an example by being behind bars.
Paris Rioting vs Macron anti democratic law
'Sexual Fantasy' Assignment At US School Outrages Parents
Credit Suisse to borrow $54 billion from Swiss central bank
Russian Hackers Preparing New Cyber Assault Against Ukraine
If this was in Tehran, Moscow or Hong Kong
A brief banking situation report
We are witnessing widespread bank fails and the president just gave a 5 min speech then walked off camera.
Donald Trump's asked by Tucker Carlson question on if the U.S. should support regime change in Russia?.
Elon Musk Is Planning To Build A Town In Texas For His Employees
The Silicon Valley Bank’s collapse effect is spreading around the world, affecting startup companies across the globe
Market Chaos as USDC Loses Peg to USD after $3.3 Billion Reserves Held by Silicon Valley Bank Closed.
Banking regulators close SVB, the largest bank failure since the financial crisis
Silicon Valley Bank: Struggles Threaten Tech Startup Ecosystem"
The unelected UK Prime Minister Rishi Sunak, an immigrant himself, defends new controversial crackdown on illegal migration
Man’s penis amputated by mistake after he’s wrongly diagnosed with a tumour
In a major snub to Downing Street's Silicon Valley dreams, UK chip giant Arm has dealt a serious blow to the government's economic strategy by opting for a US listing
It's the question on everyone's lips: could a four-day workweek be the future of employment?
Spain officials quit over trains that were too wide for tunnels...
Corruption and Influence Buying Uncovered in International Mainstream Media: Investigation Reveals Growing Disinformation Mercenaries
European MP Clare Daly condemns US attack on Nord Stream
Tucker Carlson called Trump a 'demonic force'
US Joins 15 NATO Nations in Largest Space Data Collection Initiative in History
White House: No ETs over the United States
Saray Street in Hatay-Antakya before and after the earthquake
U.S. Jet Shoots Down Flying Object Over Canada
Nord Stream terror attack: David Sacks breaks down Sy Hersh's story
Being a Tiktoker might be expensive…
Miracle: El Salvador Search and Rescue teams, with the support of Turkish teams, rescued a woman and a child from the rubble 150 hours after the earthquake
SpaceX, the private space exploration company, made a significant breakthrough in their mission to reach space.
China's top tech firms, including Alibaba, Tencent, Baidu, NetEase, and, are developing their own versions of Open AI's AI-powered chatbot, ChatGPT
This shocking picture, showing how terrible is the results of the earthquake in Turkey
President Joe Biden delivered the 2023 State of the Union Address , in order to help Americans that missed the 2022 speech, do not have internet, and suffer from short memory.
The desk of King Carlos Alberto of Sardinia has many secret compartments