Riyadh – Arabian Drilling Company achieved SAR 557.70 million in net profit after Zakat and tax in 2022, a 103.84% year-on-year (YoY) leap from SAR 273.60 million.

The Saudi firm generated revenues worth SAR 2.70 billion as of 31 December 2022, higher by 22.94% than SAR 2.19 billion in 2021, according to the annual financial results.

Meanwhile, the earnings per share (EPS) jumped by 100% to SAR 6.85 last year from SAR 3.42 in 2021.

Income Statements for Q4-22

During the fourth quarter (Q4) of 2022, the Tadawul-listed firm registered net profits after Zakat and tax worth SAR 137 million, an annual growth of 16% from SAR 118 million.

Revenues climbed by 26% to SAR 750 million in Q4-22 from SAR 595 million in Q4-21, whereas the EPS increased by 13% to EGP 1.68 from EGP 1.48.

Ghassan Mirdad, CEO of Arabian Drilling, commented: “2022 was truly remarkable for Arabian Drilling and I am proud of the multiple achievements and milestones achieved by our team.”

“The company underwent a massive transformation journey which included a company rebranding, the issue of a SAR 2 billion Sukuk, the expansion of our fleet to service a record high backlog and new clients as well as the successful IPO on the Saudi Exchange with overwhelming support from the market,” Mirdad said.

He added: “The offshore business is expected to continue ramping up as we deploy our three newly acquired jack-ups on five-year contracts with Saudi Aramco whilst onshore rig demand will enter its next growth phase supported by the development of the Jafurah unconventional gas field.”

In the first nine months (9M) of 2022, the net profits after Zakat and tax of Arabian Drilling surged by 171.09% YoY to SAR 421 million from SAR 155.30 million.

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