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Arabian Drilling’s profits surge 171% in 9M-22 initial results

Arabian Drilling’s profits surge 171% in 9M-22 initial results
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Riyadh – Mubasher: Arabian Drilling Company posted SAR 421 million net profit after Zakat and tax in the first nine months (9M) of 2022, an annual hike of 171.09% from SAR 155.30 million.

The revenues enlarged by 21.81% to SAR 1.95 billion in the January-September 2022 period, compared to SAR 1.60 billion in 9M-21, according to the interim financial results.

Earnings per share (EPS) stood at SAR 7.20 in 9M-22, versus SAR 687.70 in the year-ago period.

During the third quarter (Q3) of 2022, the Tadawul-listed firm achieved a net profit after Zakat and tax worth SAR 213.40 million, higher by 502.82% year-on-year (YoY) than SAR 35.40 million.

Revenues jumped by 28.14% YoY to SAR 701.80 million in Q3-22 from SAR 547.70 million.

On a quarterly basis, the Q3-22 net profits after Zakat and tax widened by 93.47% from SAR 110.30 million in Q2-22, whereas the revenues grew by 7.49% from SAR 652.90 million.

Earlier this week, Arabian Drilling started the trading of its shares on the Saudi Exchange (Tadawul) after it had obtained the Capital Market Authority’s (CMA) approval to list 26.70 million shares (30% of the share capital).

Last October, the Saudi company set the final price for its initial public offering (IPO) at SAR 100 per share to trade on Tadawul.