Arabian Drilling logs SAR 558m profits in 2022 impressive results

Arabian Drilling logs SAR 558m profits in 2022 impressive results

Riyadh – Mubasher: 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