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

10/11/2022 Argaam Exclusive

View other reports

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.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	1,603.55	1,953.26	21.8 %
Gross Income	305.80	560.01	83.1 %
Operating Income	220.70	446.56	102.3 %
Net Income	155.28	421.03	171.1 %
Average Shares	80.00	80.00	-
EPS (Riyals)	1.94	5.26	171.1 %

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.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	547.74	701.84	28.1 %
Gross Income	97.46	216.42	122.1 %
Operating Income	67.26	177.47	163.9 %
Net Income	35.44	213.37	502.0 %
Average Shares	80.00	80.00	-
EPS (Riyals)	0.44	2.67	502.0 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	652.90	701.84	7.5 %
Gross Income	186.93	216.42	15.8 %
Operating Income	148.81	177.47	19.3 %
Net Income	114.02	213.37	87.1 %
Average Shares	80.00	80.00	-
EPS (Riyals)	1.43	2.67	87.1 %

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.

View more financial results

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.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

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

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.

×