Arabian Drilling Co. (ADC) reported a net profit rise of 8% to SAR 605 million in 2023, compared to SAR 558 million in 2022.
| 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.
| 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 % |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 919.58 | 987.01 | 7.3 % |
| Gross Income | 266.68 | 272.92 | 2.3 % |
| Operating Income | 212.34 | 230.44 | 8.5 % |
| Net Income | 140.04 | 182.81 | 30.5 % |
| Average Shares | 89.00 | 89.00 | - |
| EPS (Riyals) | 1.57 | 2.05 | 30.5 % |
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.
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