Abu Dhabi, UAE – ADNOC Drilling announced on Monday its financial results for the first quarter, ending March 31, 2026. It continued its strong performance achieved in 2025. During the first quarter of 2026, it recorded the best performance in its history in terms of revenues and net income.
This exceptional performance was achieved thanks to high rates of fleet activities, disciplined implementation, and continued growth in integrated services. Coverage of long-term contracts, and technology-enabled implementation across various fleet sectors.
Revenues amounted to 4.51 billion dirhams, an increase of 5% year-on-year, while net profit amounted to 1.27 billion dirhams, an increase of 2% year-on-year. Free cash flow reached AED 1.31 billion, an increase of 12% year-on-year. While the return on equity reached 33%, dividends amounted to $262.5 million.
Business model flexibility
The company’s performance during the first quarter of 2026 reflects the flexibility of its business model. Which is based on a strong portfolio of long-term contracts, high fleet operating rates, and a disciplined approach to cost management. It has maintained its operations, stable activity levels, and strong cash generation across all its sectors, thanks to continued operational excellence. This confirms the company’s ability to achieve stable and flexible profit rates despite market fluctuations.
It is noteworthy that Adnoc Drilling Company’s financial and operational operations were not significantly affected during the first quarter of 2026. This reflects the robustness of business continuity plans, with the safety of personnel and operational assets a top priority.
allocation of profits
The Board of Directors recommended dividend distributions for the first quarter of 2026 worth $262.5 million, “equivalent to about 6 money per share”. It is expected to be distributed in early June to registered shareholders starting May 18, 2026. The company confirms the strong generation of free cash flow and the wide coverage of long-term contracts. The strength of the balance sheet provides strong support for the minimum annual dividend for 2026, which is $1.05 billion.
