Arabian Drilling’s Profits Drop 47% to SAR 321 Million in 2024

Arabian Drilling reported a 47% decline in net profit, falling to SAR 321 million for the year 2024, compared to SAR 605 million in 2023. This follows the release of the company’s annual financial results for the period ending December 31, 2024.

Operating profit dropped 29% to SAR 565 million, down from SAR 801 million in the previous year.

Total shareholders’ equity (excluding non-controlling interests) declined slightly by 0.4% to SAR 5.93 billion, compared to SAR 5.96 billion in 2023.

Earnings per share (EPS) stood at SAR 3.61, down from SAR 6.79 in 2023.

Despite the profit decline, the company reported revenue growth, driven by the operation of 11 unconventional onshore drilling rigs out of 13 deployed in 2024. Offshore drilling revenues remained stable, as the addition of three rigs in Q3 2023 helped offset declines from suspended rigs in 2024.