Sign inSubscribe

Search Site

VideosInforgraphics
Sign inSubscribe
Trends banner

Company News, Business

Luberef net profit falls 7% in Q1

A fall in by-products sales leads to profit dip.

SABIC net loss $322 million

The company's net profit was $66m in Q1 2024

PureHealth posts $137m Q1 net profit

The Group's revenue increased 8 percent YoY.

Borouge Q1 net profit $281 million

The total dividend paid to shareholders in 2024 $1.3bn.

Emirates expects first 777X delivery in H2 2026

Boeing had pushed back the first delivery to 2026 from 2025.

Arabian Drilling H1 profit up 36%

Arabian Drilling Company is one of the largest Saudi onshore and offshore drilling contractor.
By Hilal Mir
August 2, 2023 3:47 pm
  • In a Tadawul disclosure, the company said that is second-quarter net profit climbed 22.8 percent to SAR 140 million from SAR 114 million in Q2 2022.
  • The increase was mainly due to the additional revenue from the two new offshore rigs (AD110 and AD120) that started in December 2022.

Riyadh, Saudi Arabia — Arabian Drilling Company reported a 36 percent rise in H1 2023 net profit to SAR282 million ($75 million) from SAR208 million in the same period last year.

In a Tadawul disclosure, the company said that is second-quarter net profit climbed 22.8 percent to SAR140 million from SAR114 million in Q2 2022, mainly due to the additional revenue from the two new offshore rigs (AD110 and AD120) that started in December 2022.

ADC’s net profit marginally declined by 1 percent from SAR141.48 million in Q1 2023 mainly due to higher depreciation and financing costs.

Total shareholders’ equity, after deducting minority interest, rose to SAR 5.87 billion as of June 30, 2023, from SAR 4.36 billion in the earlier-year period.

The company’s board of directors have approved a cash dividend of SAR225 million (SAR 2.53 per share) for the first half of 2023.

[adinserter block="5"]

Most Read

UAE’s working mothers get extended maternity leave

The Gulf country is setting a new benchmark for supporting working mothers by doubling the mandated maternity leave to 120 days, Kathryn Martin VFS Global tell TRENDS.

Getting vaccinated is ‘the most patriotic thing’ to do

The Fourth of July is a sacred day in our country. A day of history, of hope, remembrance and resolve with promise and possibilities. Before me stands monuments of the…

Saudi Arabia to generate $150 billion in investments from its new transport policy

The government would provide thirty-five percent of the investments The rest of it, sixty-five percent, will come from the private sector Saudi Arabia expects to generate $150 billion from investments…

GCC healthcare: Transforming the region and impacting the world

PwC forecasts that AI could contribute US$320 billion to Middle Eastern economies by 2030, with healthcare predicted to see some of the largest gains relative to its current size

New-Age Growth Comes Home to the GCC

The region, fueled by ambition and massive investment, is rapidly advancing in technology and infrastructure, aiming to secure a leading role in the 4IR.

[adinserter block="4"]