Arabian Drilling Co. (ADC) reported a net profit of SAR 422 million in the first nine months of 2023, compared to SAR 421 million in the prior-year period.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 1,953.26 | 2,489.51 | 27.5 % |
| Gross Income | 560.01 | 702.99 | 25.5 % |
| Operating Income | 446.56 | 563.72 | 26.2 % |
| Net Income | 421.03 | 421.81 | 0.2 % |
| Average Shares | 80.00 | 89.00 | 11.3 % |
| EPS (Riyals) | 5.26 | 4.74 | (9.9 %) |
The nine-month earnings were spurred by higher rig activity and day rates.
On the other hand, the results included a one-off tax credit adjustment of SAR 64 million in the same period of 2022.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 701.84 | 919.58 | 31.0 % |
| Gross Income | 216.42 | 266.68 | 23.2 % |
| Operating Income | 177.47 | 212.34 | 19.6 % |
| Net Income | 213.37 | 140.04 | (34.4 %) |
| Average Shares | 80.00 | 89.00 | 11.3 % |
| EPS (Riyals) | 2.67 | 1.57 | (41.0 %) |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 790.65 | 919.58 | 16.3 % |
| Gross Income | 229.05 | 266.68 | 16.4 % |
| Operating Income | 179.09 | 212.34 | 18.6 % |
| Net Income | 140.29 | 140.04 | (0.2 %) |
| Average Shares | 89.00 | 89.00 | - |
| EPS (Riyals) | 1.58 | 1.57 | (0.2 %) |
The third-quarter net profit dropped 34.4% to SAR 140 million from SAR 213.3 million in Q3 2022, due to higher finance costs and a one-off tax credit adjustment of SAR 64 million in Q3 2022.
ADC’s bottom line was flat on a quarter-on-quarter (QoQ) basis, as contribution from higher rig activity with the start-up of three new offshore rigs was offset by higher finance cost.
Total shareholders’ equity, no minority interest, increased to SAR 6.01 billion as of Sept. 30, 2023, from SAR 4.58 billion in the year-earlier period.
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