The board of directors of ADNOC Drilling is recommending a final dividend payment of $341.25 million for 2022 after the company posted “exceptional” 2022 financial results and beat market expectations.

ADNOC Drilling recorded a net profit of $802 million for 2022, up by 33% from the previous year. Its revenue rose 18% to $2.67 billion, while EBITDA went up by 18% to $1.23 billion.

The proposed payout will be subject to shareholder approval at the upcoming annual general meeting on April 3, 2023, the company said in a disclosure on the Abu Dhabi Securities Exchange (ADX).

The dividend is expected to increase by at least 5% per annum on a dividend per share basis over the next four years (2023-2026).