Arabian Drilling posts 73% rise in H1 2022 profit to SAR 207.7 mln

20/09/2022 Argaam Exclusive

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Arabian Drilling Co. (ADC), which operates rigs in the Saudi-Kuwaiti Neutral Zone, reported a 73% profit leap to SAR 207.7 million in the first half of 2022, compared to SAR 119.8 million in the year-earlier period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	1,055.81	1,251.43	18.5 %
Gross Income	208.34	343.59	64.9 %
Operating Income	153.44	269.09	75.4 %
Net Income	119.84	207.65	73.3 %
Average Shares	80.00	80.00	-
EPS (Riyals)	1.50	2.60	73.3 %

The profit growth was driven by a 19% rise year-on-year (YoY) in revenue to SAR 1.251 billion. Gross profit margins reached 28%, up from 20% in H1 2021. The company also generated finance income of SAR 6.2 million.

The higher profit came despite a decline in other revenue, as well as increased finance costs and Zakat and income tax provisions.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬

Item	Q1 2022	Q2 2022	Change‬
Revenues	598.53	652.90	9.1 %
Gross Income	156.65	186.93	19.3 %
Operating Income	120.28	148.81	23.7 %
Net Income	93.63	114.02	21.8 %
Average Shares	80.00	80.00	-
EPS (Riyals)	1.17	1.43	21.8 %

Shareholders’ equity, after minority interest, rose to SAR 4.366 billion as of June 30, 2022, from SAR 4.191 billion a year earlier.

ADC’s revenue from the onshore segment rose from SAR 1.874 billion by the end of 2020 to SAR 1.643 billion last year. The segment accounted for 75% of the group’s total revenue in the current period.

Revenue from the offshore business reached SAR 552.5 million by the end of 2021, compared to SAR 653.5 million a year earlier. The segment made up 25% of the group’s total revenue in the current period.

Other segments contributed SAR 173.7 million to revenue by the end of 2021, compared to SAR 187.7 million in 2020. They represented 8% of ADC’s total revenue in the current period.

For revenue by customer, ADC’s top line from Saudi Aramco’s contracts decreased to SAR 1.191 billion by the end of 2021, from SAR 1.507 billion a year earlier. The segment made up 54% of the group’s total revenue in the current period.

Revenue from contracts concluded with Schlumberger S.A. rose to SAR 860 million, from SAR 883.5 million in 2020, accounting for 39% of the group’s total revenue in the current period.

Al-Khafji Joint Operations (KJO) delivered revenue of SAR 139.3 million by the end of 2021, compared to SAR 133.4 million a year earlier, representing 6% of ADC’s revenue for H1 2022.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	2,453.68	-	574.02	-	448.01	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	2,814.28	14.7 %	558.17	(2.8 %)	401.90	(10.3 %)
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	2,532.57	(10.0 %)	523.10	(6.3 %)	398.75	(0.8 %)
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	547.74	-	97.46	-	67.26	-
Q4 2021	595.42	-	169.82	-	142.86	-
2021	2,198.97	(13.2 %)	475.62	(9.1 %)	363.55	(8.8 %)
Q1 2022	598.53	-	156.65	-	120.28	-
Q2 2022	652.90	-	186.93	-	148.81	-

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	2,453.68	-	574.02	-	448.01	-
2019	2,814.28	14.7 %	558.17	(2.8 %)	401.90	(10.3 %)
2020	2,532.57	(10.0 %)	523.10	(6.3 %)	398.75	(0.8 %)
2021	2,198.97	(13.2 %)	475.62	(9.1 %)	363.55	(8.8 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	92.59	-	1.16	(277.65)	370.24	4.63
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	230.42	148.9 %	2.88	(19.27)	249.69	3.12
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	294.07	27.6 %	3.68	-	294.07	3.68
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	35.44	-	0.44	-	35.44	0.44
Q4 2021	118.31	-	1.48	-	118.31	1.48
2021	273.58	(7.0 %)	3.42	-	273.58	3.42
Q1 2022	93.63	-	1.17	(2.90)	96.54	1.21
Q2 2022	114.02	-	1.43	(5.23)	119.25	1.49

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	92.59	-	1.16	(277.65)	370.24	4.63
2019	230.42	148.9 %	2.88	(19.27)	249.69	3.12
2020	294.07	27.6 %	3.68	-	294.07	3.68
2021	273.58	(7.0 %)	3.42	-	273.58	3.42

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	23.39 %	41.43 %	15.09 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	19.83 %	36.51 %	8.87 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	20.65 %	44.66 %	11.61 %
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
2021	21.63 %	41.44 %	12.44 %
Q1 2022	-	-	-
Q2 2022	25.51 %	41.19 %	15.43 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	23.39 %	41.43 %	15.09 %
2019	19.83 %	36.51 %	8.87 %
2020	20.65 %	44.66 %	11.61 %
2021	21.63 %	41.44 %	12.44 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	17.79 %	35.77 %	6.47 %
Q4 2021	28.52 %	47.50 %	19.87 %
Q1 2022	26.17 %	40.30 %	16.13 %
Q2 2022	28.63 %	40.79 %	18.26 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2013	-	-	-	-
Q2 2013	-	-	-	-
Q3 2013	-	-	-	-
Q4 2013	-	-	-	-
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	-	-	-	-
Q4 2019	-	-	-	-
Q1 2020	-	-	-	-
Q2 2020	-	-	-	-
Q3 2020	-	-	-	-
Q4 2020	-	-	-	-
Q1 2021	-	-	-	-
Q2 2021	-	-	-	-
Q3 2021	80.00	-	-	50.48
Q4 2021	80.00	-	-	52.40
Q1 2022	80.00	-	-	53.15
Q2 2022	80.00	4.52	4.62	54.59

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2012	-	-	-	-
2013	-	-	-	-
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	80.00	1.16	4.63	43.02
2019	80.00	2.88	3.12	45.33
2020	80.00	3.68	3.68	48.90
2021	80.00	3.42	3.42	52.40

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-

Period	P/E	Adjusted P/E	Price/book
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-

Business Segments (Million)

Compared With The

Period	Land Rigs	Off-shore Rigs	Other
Q3 2021	387.71	159.57	0.46
Q4 2021	441.60	153.01	0.80
Q1 2022	436.17	161.07	1.29
Q2 2022	467.10	183.73	2.07

Period	Land Rigs	Off-shore Rigs	Other
2019	2,129.16	679.91	5.21
2020	1,874.92	653.46	4.18
2021	1,643.42	552.53	3.01

Financial Ratios

	Current
Market Cap (M Riyal)	10,128.20
Enterprise Value (EV) (M)	12,688.85
Shares Outstanding ((M))	89.00
EPS ( Riyal) (TTM)	4.88
Book Value (BV) ( Riyal)	65.95
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	18.79
P/E (TTM)	23.33
Price/book	1.73
Return on Average Assets (%) (TTM)	4.2
Return on Average Equity (%) (TTM)	7.3

Arabian Drilling Co. (ARABIAN DRILLING)

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Arabian Drilling posts 73% rise in H1 2022 profit to SAR 207.7 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Business Segments (Million)

Revenue by Business Segment (Latest) 2022 Q2

Financial Ratios

Share Price

Arabian Drilling Co. (ARABIAN DRILLING)

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Arabian Drilling posts 73% rise in H1 2022 profit to SAR 207.7 mln

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Business Segments (Million) Q2 2022

Revenue by Business Segment (Latest) 2022 Q2

Financial Ratios

Share Price

Arabian Drilling Co. (ARABIAN DRILLING)

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Business Segments (Million)