ADNOC Drilling Co., a subsidiary of Abu Dhabi’s state oil company ADNOC, reported a Q1 2023 net profit of $219 million, 25% higher year-on-year (yoy) on the driven by onshore and oilfield services segments.

The net profit fell shy of analysts’ mean estimate of $229.50 million, according to data compiled by Refinitiv’s Eikon.

Revenue for the quarter grew 19% YYy to $716 million, the company said on Thursday in a bourse filing on the Abu Dhabi Securities Exchange (ADX).

Revenue grew across all segments, with offshore jack-up and oilfield services (OFS) leading the way, increasing 28% and 43% respectively, it added. The company reiterated its fiscal year 2023 guidance communicated to hit revenue of between $3.0 – $3.2 billion for the full-year period.

EBITDA rose 19% to $333 million, while earnings per share were $0.014 versus $0.011 in the prior period.

ADNOC Drilling listed on ADX in 2021 after ADNOC, its majority shareholder, raised $1.1 billion via an IPO.