Arabian Drilling Co. posted a net profit of SAR 141 million in Q1 2023, a 50% increase from SAR 94 million a year earlier.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 598.53 | 779.28 | 30.2 % |
| Gross Income | 156.65 | 207.25 | 32.3 % |
| Operating Income | 120.28 | 172.29 | 43.2 % |
| Net Income | 93.63 | 141.48 | 51.1 % |
| Average Shares | 80.00 | 89.00 | 11.3 % |
| EPS (Riyals) | 1.17 | 1.59 | 35.8 % |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 750.27 | 779.28 | 3.9 % |
| Gross Income | 241.44 | 207.25 | (14.2 %) |
| Operating Income | 175.24 | 172.29 | (1.7 %) |
| Net Income | 136.69 | 141.48 | 3.5 % |
| Average Shares | 89.00 | 89.00 | - |
| EPS (Riyals) | 1.54 | 1.59 | 3.5 % |
The positive performance was driven by additional revenue generated from two new offshore rigs (AD110/AD120), which started operations in December 2022.
Sequentially, net profit rose 3.1% from SAR 136.7 million in Q4 2022.
Shareholders’ equity, excluding minority interest, stood at SAR 5.73 billion as of March 31, 2023, compared to SAR 4.25 billion a year earlier.
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