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00:00 If we look at the revenues and profits, the average growth rate is 20% for 2024.
00:09 These are very high rates.
00:11 We have the largest drilling fleet in the Middle East and the region in general, whether land or sea.
00:19 We have 129 drillers today.
00:21 Last year, 48 drillers were not only providing drilling, but also additional oil services.
00:27 We are able to grow from this figure by 20% as a result of the addition of another 142 drillers at the end of this year.
00:37 We are also increasing the market share in oil services and additional services.
00:42 This leads to a much faster growth.
00:46 How much is the market share now?
00:50 Today, we have the entire drilling market, all the drilling sites in Abu Dhabi.
00:57 The market share in oil services is about 35% today.
01:01 Of the 129 drillers, 48 are providing oil services.
01:06 This market share started in 2019 when we started these oil services.
01:11 It increases year by year and will continue to be in 2024 and after 2024.
01:15 You mentioned the expansion and future plans of the company.
01:18 What about investment spending?
01:20 Last year, we recorded about $1.3 billion.
01:24 This year, we expect to reduce these spending to between $750 and $950 million.
01:31 We need a certain number of drillers to reach the minimum capacity.
01:38 Last year, we had a very large increase in this number.
01:42 This year, we have an increase of 13 drillers.
01:45 But with the arrival of the minimum number of drillers, this investment phase will begin to decrease.
01:51 We have reached the goal of the minimum number of drillers at the end of this year.
01:55 But investment opportunities and growth opportunities will come later.
02:00 There will be another increase in investment.
02:03 The idea is that at the end of a certain phase, we will reach, but the beginning of a new phase of growth in different stages.
02:09 The company's plans depend on the UN's minimum capacity plan to reach 5 million per mille daily by 2027.
02:19 But what are the main targets of the minimum number of drillers in the coming years?
02:25 The idea is that the drillers must be available before the arrival of this number.
02:29 Because these drillers are the ones that reach the minimum number.
02:31 In order for them to reach 5 million per mille by 2027, we will have reached 142 drillers by the end of this year.
02:37 These are the drillers we need to reach the minimum capacity value of 5 million per mille.
02:44 We expect growth, but we will not stop at 142, because the minimum capacity has plans and ambitions.
02:50 We also look at non-traditional resources, such as gas and petrol.
02:55 We have our expectations for growth, and the market share will continue to increase.
03:00 Therefore, even without an increase in the market, we feel that the market share will increase in oil services,
03:07 plus the international expansion that we are doing now through our partnership with Alfa Dabi,
03:10 which we are investing in technology companies in oil services internationally.
03:14 Growth will always continue, more and more inside Abu Dhabi and outside it as well.
03:18 Speaking of investment plans, we have a project with Alfa Dabi,
03:23 which is a strategic project worth 1.5 billion dollars.
03:28 How does this project go, and what are the main goals for the year so far in terms of acquisitions?
03:34 We closed this partnership in January, and in January, the first investment was made in Gordon Technology in the US.
03:42 This is the largest company in the field of measurement while drilling,
03:49 which allows you to collect data from the wells that are being drilled in a moment,
03:57 and thus be able to direct the drilling and the services that are being done.
04:01 This company has the largest market share in these services in the US.
04:05 We have already made the first investment in this company, and this company is already starting to work in Abu Dhabi as well.
04:11 The goal of this partnership is to invest in leading international companies in its field,
04:16 and then bring these technologies to Abu Dhabi, the UAE, and the region in general,
04:21 to improve the operational efficiency and the equipment that we provide to the customers.
04:26 Yes, we have a number of investments that will be made rapidly from this partnership.
04:32 You will see the investments quickly, and the first investment has already been made, and the second is coming to Abu Dhabi.
04:38 Specifically, what are the most prominent steps with Alfa Dhabi in this joint project, Mr. Youssef?
04:45 Today, the majority of the investment, the majority of the 1.5 billion, will be made through Alfa Dhabi itself in several companies in the sector.
04:55 In light of the changes that are taking place in the global economy, how are the risks managed in the company,
05:01 the risks of credit, liquidity, and so on?
05:04 We are, thank God, in terms of the contractuality, the way we sign contracts with Adnoc and our way of working,
05:09 depends on the long-term contracts, which last up to 15 years.
05:12 The risk is based on the idea that we will achieve fixed return rates to a lower limit,
05:18 and we can reach higher than that, but to a lower limit, and thus we will have full protection from any fluctuations that occur in the market.
05:24 So, unlike any other mining company, fluctuations may occur according to the client,
05:28 but Adnoc has long-term contracts, and based on these contracts, it takes from these mines long-term contracts.
05:36 In terms of the capital, thank God, other than the cash that we have on our financial list,
05:42 we also have 1.1 billion and 250 million dollars as facilities from the banks.
05:48 We have not yet used it, and it is not yet available for us to use,
05:51 and this is what enables us to invest this money again and expand it further.
05:56 You mentioned the cash reserve, last year, of course, we got the cash to pay for the existing loans,
06:03 but we had about 1.8 billion dollars, according to the financial list,
06:10 and it was not used until the end of December 31.
06:14 This is equivalent to about 500 million dollars, plus there were 750 million dollars of facilities before,
06:19 which were not used in dollars, so in total, which is not used, 1.2 billion dollars,
06:24 so there are 2 billion users and 1.2 billion additional facilities that are not used.
06:29 What is the purpose of the investments during the current year?
06:32 1.2 billion dollars will be enough for all the investments we need to make this year, and it will benefit us as well.
06:38 Finally, the company has also put a new strategy for distributing profits between 2024 and 2026.
06:47 What are the main goals of this new policy?
06:51 The annual increase will be 5% to a minimum,
06:54 and then the board of directors can, above this 5%,
06:59 recommend any distribution rates higher than 5% as well,
07:04 and of course, in accordance with the general assembly.
07:07 Today, what we see is that the investment budget offers two things together that no one else can easily offer,
07:13 that on the one hand, we have a growth distribution policy, and 5% to a minimum can be higher than that,
07:18 while at the same time, we have growth rates that are 20% higher year on year.
07:24 Therefore, today, when we look at the share, we see a total value, distribution rates,
07:28 but also the growth rate in the share price,
07:30 so from the proposal so far, plus the profit distribution rates,
07:34 we see that all the returns to the investors are from the highest returns,
07:38 and we expect that this will continue as a result of the company's growth rate from the highest growth rates,
07:42 plus the profit distribution rate.
07:44 [BLANK_AUDIO]