Arabian Drilling profit rises to SAR 557.7 mln in 2022; Q4 at SAR 136.7 mln

19/03/2023 Argaam Exclusive

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Arabian Drilling Co. (ADC) reported a net profit leap to SAR 557.7 million in 2022, from SAR 273.6 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	2,198.97	2,703.54	22.9 %
Gross Income	475.62	801.44	68.5 %
Operating Income	363.55	621.80	71.0 %
Net Income	273.58	557.72	103.9 %
Average Shares	80.00	89.00	11.3 %
EPS (Riyals)	3.42	6.27	83.2 %

The oil and gas rig driller attributed the profit surge to strong revenue growth on robust rig demand, which resulted in higher rig utilization as well as increased day rates, particularly in the offshore segment.

It also cited a one-off exceptional tax credit of SAR 74 million related to deferred tax adjustment, which was recognized and disclosed in Q3 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	595.42	750.27	26.0 %
Gross Income	169.82	241.44	42.2 %
Operating Income	142.86	175.24	22.7 %
Net Income	118.31	136.69	15.5 %
Average Shares	80.00	89.00	11.3 %
EPS (Riyals)	1.48	1.54	3.9 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	701.84	750.27	6.9 %
Gross Income	216.42	241.44	11.6 %
Operating Income	177.47	175.24	(1.3 %)
Net Income	213.37	136.69	(35.9 %)
Average Shares	80.00	89.00	11.3 %
EPS (Riyals)	2.67	1.54	(42.4 %)

In Q4 2022, ADC’s net profit jumped 16% to SAR 136.7 million, from SAR 118.31 million in the year-earlier period.

The fourth-quarter net profit dropped 35.9% from SAR 213.37 million in Q3 2022.

Shareholders’ equity, after minority interest, rose to SAR 5.58 billion as of Dec. 31, 2022, from SAR 4.19 billion a year earlier.

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