Arabian Drilling Company’s net profit for the third quarter of 2023 fell 34.4% to 140 million Saudi riyals ($37.32 million), compared to SAR 213 million a year earlier.

The decline was driven by the inclusion of a one-off tax credit adjustment in Q3 2022 of SAR 64 million and higher finance costs.

The company’s nine-month profit for 2023 rose marginally to SAR 422 million from SAR 421 million a year ago on higher rig activity and day rates.

Earlier this month, Arabian Drilling’s  shareholders approved the payout of a 25.3% cash dividend for the first half of 2023.

(Editing by Seban Scaria seban.scaria@lseg.com)