Arabian Drilling profit up 8% to SAR 605M; Q4 at SAR 183M

18/03/2024 Argaam Exclusive

View other reports

Arabian Drilling Co. (ADC) reported a net profit rise of 8% to SAR 605 million in 2023, compared to SAR 558 million in 2022.

Financials (M)

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.

Current Quarter Comparison (M)

Compared With The

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.

Attached Document:

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.

×