Riyadh – Mubasher: Arabian Drilling witnessed an annual increase of 50% in net profit after Zakat and tax to SAR 141 million during the first quarter (Q1) of 2023 from SAR 94 million.

The earnings per share (EPS) rose to SAR 1.59 in Q1-23 from SAR 1.17, according to the financial results.

The company generated revenue worth SAR 779 million during January-March 2023, higher by 30.05% year-on-year (YoY) than SAR 599 million.

On a quarterly basis, the net profits in Q1-23 increased by 2.92% from SAR 137 million in Q4-22, while the revenues grew by 3.87% from SAR 750 million.

CEO of Arabian Drilling, Ghassan Mirdad, said: “For the rest of 2023, we are focusing on operational excellence while actively participating in key tenders and scouting expansion opportunities.”

In 2022, the listed firm posted net profits of SAR 557.70 million and revenue worth SAR 2.70 billion.