‎“Arab Drilling” profits jump 73.3% to SR207.7 mln in 6 months

The profits of the Arabian Drilling Company jumped to 207.65 million riyals by the end of the first half of this year, a rate of 73.3% over its profits in the same period of the previous year, which was 119.8 million riyals.

According to the company’s financial statements, the revenues exceeded 1.25 billion riyals at the end of the first 6 months of this year, at a rate of 18.5% from the revenues of the first half of the year 2021, which was 1.06 billion riyals, and the total profit amounted to 343.6 million riyals in the current period, compared to 208.3 million riyals in the same period of the previous year, while the operating profit amounted to 272.9 million riyals at the end of the first 6 months of this year, compared to 160.3 in the comparative half of 2021.

The Arabian Drilling Company announced the prospectus for offering 26.7 million of its shares, representing 30% of the company’s capital, after an increase of 11.25%, to become 890 million riyals, for public subscription in the Saudi stock market “Tadawul” selling 17.7 million shares of the existing shares, and issuing 9 million new shares.