Riyadh – Mubasher: Arabian Drilling recorded a net profit of SAR 321.36 million in 2024, which marked a 46.85% annual decrease from SAR 604.61 million.
The earnings per share (EPS) shrank to SAR 3.61 in 2024 compared to SAR 6.79 in 2023, according to the financial results.
Meanwhile, the adjusted EPS stood at SAR 4.79 in 2024, which signalled a 29.5% decline from SAR 6.79 in 2023.
The company’s revenue increased by 4.09% year-on-year (YoY) to SAR 3.61 billion in 2024 from SAR 3.47 billion.
Financial Results for Q4-24
During the fourth quarter (Q4) of 2024, Arabian Drilling registered a net income worth SAR 70 million which was 17.60% lower than SAR 85 million in Q3-24.
The adjusted EPS amounted to SAR 0.79 in Q4-24, a quarter-on-quarter (QoQ) drop of 16.80% compared with SAR 0.95 in Q3-24.
The revenue also fell by 1.50% to SAR 850 million in Q4-24 from SAR 863 million in Q3-24.
Chief Financial Officer of Arabian Drilling, Hubert Lafeuille, said: "Our EBITDA remains strong, reflecting solid profitability and operational efficiency. We have made notable improvements in our financial position, demonstrated by improved net working capital and a robust debt profile.”
Lafeuille added: “Furthermore, our ability to maintain a healthy backlog of SAR 10.30 billion was supported by our ability to secure strategic contract extensions. This highlights our adaptability and strategic foresight in a Saudi Arabia’s dynamic market.”
The official concluded: “Our strong balance sheet enables us to pursue geographical expansion, enhancing our ability to swiftly reposition ourselves to capture targeted growth opportunities that require our expertise."
Outlook
Arabian Drilling stated that for the next quarter, Q1-25, the company expects its financial performance to continue to reflect the resilience and operational efficiency demonstrated in 2024.
It added that for Q1-25 revenue, Arabian Drilling expects to maintain the same level compared to Q4-24 with a 5% upside.
Cash Dividends for H2-24
The board members of Arabian Drilling approved a dividend of SAR 1.35 per share for the second half (H2) of 2024.
The company will pay SAR 120.15 million, equivalent to 13.50% of the capital, as dividends for 89 million eligible shares. The eligibility and distribution dates are set as 13 March and 8 April 2025, respectively.
Therefore, the H2-24 payout brings the total dividends for 2024 to SAR 240.30 million.
In the first nine months (9M) of 2024, Arabian Drilling posted net profits worth SAR 251.24 million and revenue of SAR 2.76 billion.
