The shareholders of Arab Drilling and Workover Company (ADWOC) held its Annual General Meeting (AGM) on the 23rd of May 2021. The shareholders approved in their ordinary AGM the consolidated financial statements for the year ended 31 December 2020. ADWOC’s net profit recorded a significant increase up to LYD 41.3 million in 2020, compared to a loss of LYD 15.1 in 2019. The shareholders of ADWOC, decided not to distribute any dividends in order to support the company liquidity. ADWOC’s AGM also approved the appointments of two Board Members representing First Energy Bank in ADWOC Board.
The Chairman of ADWOC, Dr. Nuri Burwain, commented: “The strong performance reflects the company’s ability to tactically address market challenges and navigate towards achieving the targets set by the Board of Directors. The robust performance of 2020 will enabled ADWOC to steadily increase its dividend distribution in the coming years”.