Arabian Drilling Co. (ADC) reported a net profit leap to SAR 557.7 million in 2022, from SAR 273.6 million a year earlier.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 2,198.97 | 2,703.54 | 22.9 % |
| Gross Income | 475.62 | 801.44 | 68.5 % |
| Operating Income | 363.55 | 621.80 | 71.0 % |
| Net Income | 273.58 | 557.72 | 103.9 % |
| Average Shares | 80.00 | 89.00 | 11.3 % |
| EPS (Riyals) | 3.42 | 6.27 | 83.2 % |
The oil and gas rig driller attributed the profit surge to strong revenue growth on robust rig demand, which resulted in higher rig utilization as well as increased day rates, particularly in the offshore segment.
It also cited a one-off exceptional tax credit of SAR 74 million related to deferred tax adjustment, which was recognized and disclosed in Q3 2022.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 595.42 | 750.27 | 26.0 % |
| Gross Income | 169.82 | 241.44 | 42.2 % |
| Operating Income | 142.86 | 175.24 | 22.7 % |
| Net Income | 118.31 | 136.69 | 15.5 % |
| Average Shares | 80.00 | 89.00 | 11.3 % |
| EPS (Riyals) | 1.48 | 1.54 | 3.9 % |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 701.84 | 750.27 | 6.9 % |
| Gross Income | 216.42 | 241.44 | 11.6 % |
| Operating Income | 177.47 | 175.24 | (1.3 %) |
| Net Income | 213.37 | 136.69 | (35.9 %) |
| Average Shares | 80.00 | 89.00 | 11.3 % |
| EPS (Riyals) | 2.67 | 1.54 | (42.4 %) |
In Q4 2022, ADC’s net profit jumped 16% to SAR 136.7 million, from SAR 118.31 million in the year-earlier period.
The fourth-quarter net profit dropped 35.9% from SAR 213.37 million in Q3 2022.
Shareholders’ equity, after minority interest, rose to SAR 5.58 billion as of Dec. 31, 2022, from SAR 4.19 billion a year earlier.
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