Arabian Drilling earns SAR 422 mln in 9M 2023, SAR 140 mln in Q3

05/11/2023 Argaam Exclusive

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Arabian Drilling Co. (ADC) reported a net profit of SAR 422 million in the first nine months of 2023, compared to SAR 421 million in the prior-year period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	1,953.26	2,489.51	27.5 %
Gross Income	560.01	702.99	25.5 %
Operating Income	446.56	563.72	26.2 %
Net Income	421.03	421.81	0.2 %
Average Shares	80.00	89.00	11.3 %
EPS (Riyals)	5.26	4.74	(9.9 %)

The nine-month earnings were spurred by higher rig activity and day rates.

On the other hand, the results included a one-off tax credit adjustment of SAR 64 million in the same period of 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	701.84	919.58	31.0 %
Gross Income	216.42	266.68	23.2 %
Operating Income	177.47	212.34	19.6 %
Net Income	213.37	140.04	(34.4 %)
Average Shares	80.00	89.00	11.3 %
EPS (Riyals)	2.67	1.57	(41.0 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	790.65	919.58	16.3 %
Gross Income	229.05	266.68	16.4 %
Operating Income	179.09	212.34	18.6 %
Net Income	140.29	140.04	(0.2 %)
Average Shares	89.00	89.00	-
EPS (Riyals)	1.58	1.57	(0.2 %)

The third-quarter net profit dropped 34.4% to SAR 140 million from SAR 213.3 million in Q3 2022, due to higher finance costs and a one-off tax credit adjustment of SAR 64 million in Q3 2022.

ADC’s bottom line was flat on a quarter-on-quarter (QoQ) basis, as contribution from higher rig activity with the start-up of three new offshore rigs was offset by higher finance cost.

Total shareholders’ equity, no minority interest, increased to SAR 6.01 billion as of Sept. 30, 2023, from SAR 4.58 billion in the year-earlier period.

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