Arabian Drilling profit up 8% to SAR 605M; Q4 at SAR 183M

18/03/2024 Argaam Exclusive

Arabian Drilling Co. (ADC) reported a net profit rise of 8% to SAR 605 million in 2023, compared to SAR 558 million in 2022.



Financials (M)

Item 2022 2023 Change‬
Revenues 2,703.54 3,476.52 28.6 %
Gross Income 801.44 975.90 21.8 %
Operating Income 621.80 794.16 27.7 %
Net Income 557.72 604.61 8.4 %
Average Shares 89.00 89.00 -
EPS (Riyals) 6.27 6.79 8.4 %

The annual profit growth was fueled by a rise in revenue primarily due to higher rig activity, as well as increased day rates of certain rigs. Between Q4 2022 and Q3 2023, the company started operating five additional offshore rigs, which boosted its full-year revenue.

 

The margin contribution of the five additional offshore rigs increased, partially offset by higher finance cost and tax charges. The 2022 net profit included a one-time tax effect on a change of SAR 73.8 million in effective shareholding.

 

The fourth-quarter net earnings jumped 34% to SAR 183 million from SAR 137 million in Q4 2022.

 

ADC’s bottom line jumped 30.7% quarter-on-quarter (QoQ) compared to SAR 140 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 750.27 987.01 31.6 %
Gross Income 241.44 272.92 13.0 %
Operating Income 175.24 230.44 31.5 %
Net Income 136.69 182.81 33.7 %
Average Shares 89.00 89.00 -
EPS (Riyals) 1.54 2.05 33.7 %

Total shareholders’ equity, no minority interest, increased to SAR 5.96 billion as of Dec. 31, 2023, from SAR 5.59 billion in the year-earlier period.

 

Attached Document:

 

 

View more financial results

 

View other reports

Share Price

Arabian Drilling Co.
114.00
(1.20) (1.04 %)

Arabian Drilling Co. (ARABIAN DRILLING)

More


Financial Ratios
Current
Market Cap (M Riyal) 10,146.00
Enterprise Value (EV) (M) 12,706.65
Shares Outstanding ((M)) 89.00
EPS ( Riyal) (TTM) 4.88
Book Value (BV) ( Riyal) 65.95
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 18.82
P/E (TTM) 23.37
Price/book 1.73
Return on Average Assets (%) (TTM) 4.2
Return on Average Equity (%) (TTM) 7.3
more

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Contact Us (+966)-92000-7759

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Popular Links

Quick Links

Join Us

Argaam.com Copyright © 2024, Argaam Investment, All Rights Reserved
Call Request