Riyadh – Mubasher: Arabian Drilling posted an 8.42% year-on-year (YoY) increase in net profit to SAR 605 million in 2023 from SAR 558 million.
The company’s revenues soared 28.59% YoY to SAR 3.47 billion last year from SAR 2.70 billion, according to the annual financial results.
The earnings per share (EPS) reached SAR 6.79 in 2023, down from SAR 6.85 in 2022.
Fourth Quarter
Quarter-on-quarter (QoQ), the company’s net income jumped more than 31% to SAR 183 million in the fourth quarter (Q4) of 2023 from SAR 140 million in the previous quarter.
Revenues rose by over 7% to SAR 987 million in Q4-23 from SAR 920 million in Q3-23.
The EPS hit SAR 2.05 in the last quarter of 2023, a 31% QoQ surge from SAR 1.57.
Cash Dividends
Arabian Drilling’s board proposed the distribution of SAR 225.17 million, or SAR 2.53 per share, in cash dividends for the second half (H2) of 2023.
The payment date is 2 April 2024 and the eligibility date is 18 March.
Ghassan Mirdad, CEO of Arabian Drilling, said: “We delivered significant wins in 2023 including the completion of the offshore fleet expansion and the strategic positioning in unconventional gas, with 13 unconventional rig contracts awarded to Arabian Drilling to date”.
“In line with our stated GCC ambitions, we have also completed the pre-qualification process in Kuwait which opens the door to participate in tenders with high specs land rigs,” he added.
“As we move into 2024, we will continue to maintain high standards in our HSE [health and safety environment] integrity and operations service delivery to retain our position as the drilling contractor of choice,” Mirdad pledged.
In the first nine months (9M) of 2023, Arabian Drilling recorded a 0.24% YoY rise in net profit after Zakat and tax to SAR 422 million, against SAR 421 million.
