Arabian Drilling profits jump 50% during Q1, to SAR 141 million

The net profit after zakat and tax for the Arabian Drilling Company jumped to SAR 141 million during the first quarter, compared to SAR 94 million in the same quarter of last year, by 50%.

This came after the announcement on Sunday of the interim financial results for the period ending on 31.03.2023 (three months).

The operational profit amounted to SAR 173 million in the first quarter, compared to SAR 124 million in the same quarter of the previous year, an increase of 40%.

As for the total profit, it amounted to SAR 207 million riyals in the current period, compared to SAR 157 million riyals in the same period last year, an increase of 32%.

Profits per share in the current period amounted to SAR 1.59, compared to SAR 1.17 in the same period last year.

The increase in net profit for the current quarter is mainly due to additional revenue from two new AD110/AD120 offshore drilling rigs that started operations in December 2022.

The increase in net profit for the current quarter is due to the fact that the entire quarter was affected by the start-up of the new AD110/AD120 offshore rigs in December 2022.

Nature of Auditor’s Opinion Unmodified Opinion.

The company said that there is no reclassification of the comparative items

Profit (loss) per share for the current quarter is based on 89,000,000 shares following listing in November 2022 (The previous Quarter Q4 2022, was based on a weighted average number of 81,430,137 shares), and Q1 was based on 80,000,000 shares before listing.