Arabian Drilling Co. (ADC) reported a net profit rise of 3% to SAR 146.3 million in Q1 2024 from SAR 141.5 million in the prior-year period.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 779.28 | 966.67 | 24.0 % |
| Gross Income | 207.25 | 268.73 | 29.7 % |
| Operating Income | 172.29 | 211.25 | 22.6 % |
| Net Income | 141.48 | 146.26 | 3.4 % |
| Average Shares | 89.00 | 89.00 | - |
| EPS (Riyals) | 1.59 | 1.64 | 3.4 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 987.01 | 966.67 | (2.1 %) |
| Gross Income | 272.92 | 268.73 | (1.5 %) |
| Operating Income | 230.44 | 211.25 | (8.3 %) |
| Net Income | 182.81 | 146.26 | (20.0 %) |
| Average Shares | 89.00 | 89.00 | - |
| EPS (Riyals) | 2.05 | 1.64 | (20.0 %) |
The company cited higher revenue from the addition of three offshore rigs, which started their contract in Q3 2023, as well as the contribution of profit margins from this addition.
However, this was offset by higher finance and depreciation costs, as well as additional personnel costs associated with the start-up of our 10 unconventional land rigs.
Compared to Q4 2023, net earnings fell 20% from SAR 182.81 million, hurt by lower revenue from decreased rig move activities in Q1 2024 compared to the previous quarter, as well as one operating day less in February 2024.
ADC also incurred additional unconventional start-up costs, one-time credits recognized in Q4 2023, and additional deferred tax expenses recognized in Q1 2024.
Shareholders’ equity, no minority interest, rose to SAR 6.10 billion as of March 31, 2024, from SAR 5.73 billion a year earlier.
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