Arabian Drilling Co. (ADC) reported a 36% rise in H1 2023 net profit to SAR 282 million from SAR 208 million in the prior-year period.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 1,251.43 | 1,569.93 | 25.5 % |
| Gross Income | 343.59 | 436.30 | 27.0 % |
| Operating Income | 269.09 | 351.38 | 30.6 % |
| Net Income | 207.65 | 281.77 | 35.7 % |
| Average Shares | 80.00 | 89.00 | 11.3 % |
| EPS (Riyals) | 2.60 | 3.17 | 22.0 % |
The higher profit was spurred by better revenue from the two new offshore rigs (AD110 and AD120), which started operations in December 2022, along with other rigs resuming operations after the COVID suspension.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 652.90 | 790.65 | 21.1 % |
| Gross Income | 186.93 | 229.05 | 22.5 % |
| Operating Income | 148.81 | 179.09 | 20.4 % |
| Net Income | 114.02 | 140.29 | 23.0 % |
| Average Shares | 80.00 | 89.00 | 11.3 % |
| EPS (Riyals) | 1.43 | 1.58 | 10.6 % |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 779.28 | 790.65 | 1.5 % |
| Gross Income | 207.25 | 229.05 | 10.5 % |
| Operating Income | 172.29 | 179.09 | 3.9 % |
| Net Income | 141.48 | 140.29 | (0.8 %) |
| Average Shares | 89.00 | 89.00 | - |
| EPS (Riyals) | 1.59 | 1.58 | (0.8 %) |
The second-quarter net profit climbed 22.8% to SAR 140 million from SAR 114 million in Q2 2022, mainly due to the additional revenue from the two new offshore rigs (AD110 and AD120).
ADC’s net profit marginally declined by 1% from SAR 141.48 million in Q1 2023 on higher depreciation and financing costs.
Total shareholders’ equity, after deducting minority interest, rose to SAR 5.87 billion as of June 30, 2023, from SAR 4.36 billion in the earlier-year period.
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