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

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 %
Earnings Per Share before unusual items (Riyals) 4.46 4.74 6.3 %
EPS (Riyal) 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 %
Earnings Per Share before unusual items (Riyal) 1.76 1.57 (10.7 %)
EPS (Riyal) 2.67 1.57 (41.0 %)

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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