Financial Results : Arabian Drilling’s profit drops 47% to SAR 321.4M in 2024; Q4 at SAR 70.1M

Arabian Drilling’s profit drops 47% to SAR 321.4M in 2024; Q4 at SAR 70.1M

12/03/2025 Argaam Exclusive

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Arabian Drilling Co. reported a net profit of SAR 321.4 million for 2024, a decline of 47% from SAR 604.6 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 3,476.52 3,618.82 4.1 %
Gross Income 975.90 759.90 (22.1 %)
Operating Income 801.23 565.53 (29.4 %)
Net Income 604.61 321.37 (46.8 %)
Average Shares 89.00 89.00 -
Earnings Per Share before unusual items (Riyals) 6.79 4.79 (29.5 %)
EPS (Riyals) 6.79 3.61 (46.8 %)

Revenue increased on the startup of 11 land unconventional rigs out of 13 deployed in 2024, whereas offshore revenue was mostly flat with the start of three new rigs in Q3 2023 being offset by the suspension of four rigs in 2024.

 

Net profit decreased on the startup costs of the new unconventional rigs, as well as higher net finance expenses and depreciation costs. In addition, 2024 net income included a one-off non-cash asset impairment charge of SAR 105 million recognized in Q2 2024.

 

However, revenue increased on the startup of 11 land unconventional rigs out of 13 deployed in 2024, whereas offshore revenue was mostly flat with the launch of three new rigs in Q3 2023 being offset by the suspension of four rigs in 2024.

 

Q4 net earnings dropped 62% to SAR 70.1 million, from SAR 182.8 million in Q4 2023.

 

On a sequential basis, net profit fell 17.3% from SAR 84.8 million in Q3 2024.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 987.01 849.66 (13.9 %)
Gross Income 272.92 182.38 (33.2 %)
Operating Income 243.25 132.72 (45.4 %)
Net Income 182.81 70.12 (61.6 %)
Average Shares 89.00 89.00 -
Earnings Per Share before unusual items (Riyals) 2.05 0.79 (61.6 %)
EPS (Riyals) 2.05 0.79 (61.6 %)

Total shareholders’ equity, no minority interest, stood at SAR 5.93 billion by Dec. 31, 2024, compared to SAR 5.96 billion a year earlier.

 

Attached Document:

 

 

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