ADNOC DRILLING-

Adnoc Drilling saw its net income increase 29% y-o-y to USD 295 mn in 2Q 2024, according to the drilling company’s financials (pdf). Revenues also climbed 29% y-o-y to USD 935.4 mn on the back of growth across its business segments, according to a separate earnings release (pdf).

On a 1H basis: Adnoc Drilling’s bottom line grew 28% y-o-y to USD 569.6 mn in 1H 2024. The company posted USD 1.82 bn in revenues for the period, up 26% y-o-y.

Looking ahead: The company expects to benefit from the AI and tech acquisitions by Enersol — its JV with Alpha Dhabi Holding — which it expects will boost access to advanced technology and shareholder returns.

Dividends: Adnoc Drilling’s board approved interim dividends of USD 394 mn for 1H 2024, set to be distributed in the last week of August. The dividends mark a 10% y-o-y increase, in line with its upgraded dividend policy, which will see it boost dividends every year by 10% y-o-y until 2028.

PRESIGHT-

Data analytics firm Presight saw its bottom line grow 20% y-o-y to AED 80.5 mn, according to its financials (pdf). The company’s revenues increased 18.7% y-o-y to AED 341.4 mn, on the back of a boost in multi-year contracts, a favorable deployment mix, and one-month contribution from AIQ, in which it acquired a 51% stake in June for USD 350 mn, according to its earnings release (pdf).

In 1H 2024, the company’s net income increased 26.6% y-o-y to AED 176.4 mn, while revenues grew 17.4% y-o-y to AED 603.5 mn.

ORIENT INS.-

Orient Ins. saw its bottom line fall 25.8% y-o-y in 2Q 2024 to AED 115.2 mn, according to its financial statements (pdf). Revenues were up 14.6% y-o-y at AED 1.81 bn during the quarter. On a six-month basis, Orient’s net income grew 10.2% y-o-y to AED 415.5 mn in 1H 2024, while revenues grew 21% y-o-y to AED 3.6 bn.

Tags: