Arabian Drilling net profit surges to SAR 421 mln in 9M 2022; Q3 at SAR 213.4 mln

Arabian Drilling Co. (ADC) reported a net profit after Zakat and tax of SAR 421 million in the first nine months of 2022, a 171% increase, compared to SAR 155.3 million in the year-ago period. 

The profit increase was driven by improved rig utilization following temporary suspended rigs resuming drilling operations, as well as higher offshore day rates. 

Other favorable current period net income impacts include reduction in deferred tax liabilities and reversal of training provisions. 

These increases were partially offset by higher operating costs and higher financial charges driven by increased rig activity and higher SAIBOR. 

In Q3 2022, the net profit after Zakat and tax saw a five-fold increase to SAR 213.4 million, from SAR 35.4 million in the year before.

Compared to Q2 2022, the company’s net profit rose 93.5% from SAR 110.3 million. 

Shareholders’ equity, no minority interest, grew to SAR 4.580 billion as of Sept. 30, 2022, from SAR 4.038 billion in the year-earlier period. 

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