Financial Results : Arabian Drilling earns SAR 83M in H1 2025, SAR 7M in Q2

Arabian Drilling earns SAR 83M in H1 2025, SAR 7M in Q2

29/07/2025 Argaam Exclusive

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Arabian Drilling Co. (ADC) posted net earnings of SAR 83 million for H1 2025, down from SAR 166 million a year earlier.



Financials (M)

Item 6m 2024 6m 2025 Change‬
Revenues 1,906.00 1,774.00 (6.9 %)
Gross Income 398.00 303.00 (23.9 %)
Operating Income 289.00 204.00 (29.4 %)
Net Income 166.00 83.00 (50.0 %)
Average Shares 89.00 89.00 -
Earnings Per Share before unusual items (Riyals) 3.05 0.76 (75.1 %)
EPS (Riyal) 1.87 0.93 (50.0 %)

Revenue fell during the six-month period, mainly due to a reduced rig utilization rate of 79% versus 91% a year earlier, partially offset by revenue contribution of unconventional rigs deployed post H1 2024.

 

The company also cited an additional depreciation, due to increased asset base and higher finance cost on increased debt, partially offset by one-off assets impairment recognized in H1 2024.



Current Quarter Comparison (M)

Compared With The
Item Q2 2024 Q2 2025 Change‬
Revenues 939.00 862.00 (8.2 %)
Gross Income 129.00 123.00 (4.7 %)
Operating Income 75.00 67.00 (10.7 %)
Net Income 20.00 7.00 (65.0 %)
Average Shares 89.00 89.00 -
Earnings Per Share before unusual items (Riyal) 1.41 0.08 (94.4 %)
EPS (Riyal) 0.22 0.08 (65.0 %)

ADC's Q2 2025 net earnings dropped 65% to SAR 7 million, compared with SAR 20 million in Q2 2024, mainly due to lower revenues.

 

Sequentially, the three-month net earnings dropped 90.7% from SAR 75.20 million in Q1 2025.

 

Total shareholders’ equity, no minority interest, fell to SAR 5.89 billion as of June 30, 2025, from SAR 5.90 billion in the earlier-year period.

 

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