Financial Results : Arabian Drilling net profit up 50% to SAR 141 mln in Q1

Arabian Drilling net profit up 50% to SAR 141 mln in Q1

14/05/2023 Argaam Exclusive

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Arabian Drilling Co. posted a net profit of SAR 141 million in Q1 2023, a 50% increase from SAR 94 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 598.53 779.28 30.2 %
Gross Income 156.65 207.25 32.3 %
Operating Income 120.28 172.29 43.2 %
Net Income 93.63 141.48 51.1 %
Average Shares 80.00 89.00 11.3 %
EPS (Riyals) 1.17 1.59 35.8 %

The positive performance was driven by additional revenue generated from two new offshore rigs (AD110/AD120), which started operations in December 2022.

 

Sequentially, net profit rose 3.1% from SAR 136.7 million in Q4 2022.

 

Shareholders’ equity, excluding minority interest, stood at SAR 5.73 billion as of March 31, 2023, compared to SAR 4.25 billion a year earlier.

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