Arabian Drilling H1 2023 profit jumps 36% to SAR 282 mln; Q2 at SAR 140 mln

02/08/2023 Argaam Exclusive

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Arabian Drilling Co. (ADC) reported a 36% rise in H1 2023 net profit to SAR 282 million from SAR 208 million in the prior-year period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	1,251.43	1,569.93	25.5 %
Gross Income	343.59	436.30	27.0 %
Operating Income	269.09	351.38	30.6 %
Net Income	207.65	281.77	35.7 %
Average Shares	80.00	89.00	11.3 %
EPS (Riyals)	2.60	3.17	22.0 %

The higher profit was spurred by better revenue from the two new offshore rigs (AD110 and AD120), which started operations in December 2022, along with other rigs resuming operations after the COVID suspension.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	652.90	790.65	21.1 %
Gross Income	186.93	229.05	22.5 %
Operating Income	148.81	179.09	20.4 %
Net Income	114.02	140.29	23.0 %
Average Shares	80.00	89.00	11.3 %
EPS (Riyals)	1.43	1.58	10.6 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	779.28	790.65	1.5 %
Gross Income	207.25	229.05	10.5 %
Operating Income	172.29	179.09	3.9 %
Net Income	141.48	140.29	(0.8 %)
Average Shares	89.00	89.00	-
EPS (Riyals)	1.59	1.58	(0.8 %)

The second-quarter net profit climbed 22.8% to SAR 140 million from SAR 114 million in Q2 2022, mainly due to the additional revenue from the two new offshore rigs (AD110 and AD120).

ADC’s net profit marginally declined by 1% from SAR 141.48 million in Q1 2023 on higher depreciation and financing costs.

Total shareholders’ equity, after deducting minority interest, rose to SAR 5.87 billion as of June 30, 2023, from SAR 4.36 billion in the earlier-year period.

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