‎“Arabian Drilling” profits increased to SR 140 million during Q2, ‎by 23%‎

Arabian Drilling Company revealed an increase in net profit after zakat and tax in the second quarter to 140 million riyals, compared to 114 million riyals in the same quarter of last year, by 23%. This came after today’s announcement of the preliminary financial results for the period ending in 2023-06. -30 (six months).

Operational profit amounted to 180 million riyals in the second quarter, compared to 149 million riyals in the same quarter of the previous year, an increase of 20.8%.

The net profit after zakat and tax during the 6-month period amounted to 282 million riyals, compared to 208 million riyals in the same period last year, an increase of 35.5%.

And total shareholders’ equity “without minority rights” amounted to 5.8 billion riyals in the current period, compared to 4.3 billion riyals in the same period last year, an increase of 34.4%.

Earnings per share in the current period reached 3.17 riyals, compared to 2.6 riyals in the same period last year.

– The reason for the increase in revenues resulted from the work of the two new offshore rigs (AD110) and AD120), which were launched in December 2022.