Arabian Drilling posts SAR 166.4M profit in H1 2024; SAR 20.2M in Q2

05/08/2024 Argaam Exclusive

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Arabian Drilling Co. (ADC) reported a net profit of SAR 166.4 million in H1 2024, compared to SAR 281.8 million in the prior-year period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	1,569.93	1,905.97	21.4 %
Gross Income	436.30	502.88	15.3 %
Operating Income	351.38	395.19	12.5 %
Net Income	281.77	166.43	(40.9 %)
Average Shares	89.00	89.00	-
EPS (Riyals)	3.17	1.87	(40.9 %)

The profit decline is attributed to the suspension of three offshore rigs partially offset by the startup of four land unconventional rigs.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	790.65	939.30	18.8 %
Gross Income	229.05	234.16	2.2 %
Operating Income	179.09	183.95	2.7 %
Net Income	140.29	20.18	(85.6 %)
Average Shares	89.00	89.00	-
EPS (Riyals)	1.58	0.23	(85.6 %)

Item	Q1 2024	Q2 2024	Change‬
Revenues	966.67	939.30	(2.8 %)
Gross Income	268.73	234.16	(12.9 %)
Operating Income	211.25	183.95	(12.9 %)
Net Income	146.26	20.18	(86.2 %)
Average Shares	89.00	89.00	-
EPS (Riyals)	1.64	0.23	(86.2 %)

The company also reported lower revenue and one-off non-cash asset impairment charges of SAR 105 million. Meanwhile, the lower short-term deposit income was partially offset by a deferred tax credit following a lower asset tax value.

The second-quarter net profit fell 85.6% to SAR 20.2 million from SAR 140.29 million in Q2 2023.

ADC’s net profit slumped 86.2% from SAR 146.26 million in Q1 2024.

Total shareholders’ equity, no minority interest, rose to SAR 5.90 billion as of June 30, 2024, from SAR 5.87 billion in the earlier-year period.

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