Riyadh, Saudi Arabia — Arabian Drilling Company has approved a cash dividend of SAR 225. 17 million ($60 million or 25.3 percent) for the second half of 2023.
The dividend will be paid on April 2 and this is the second installment of the total dividend of SAR450.34 million for 2023, the company said in a Tadawul filing.
The company posted a net profit SAR 605 million in 2023, up 8 percent compared to SAR 558 million in 2022.
In a statement to Tadawul, the company attributed the rise in profits to a rise in revenue primarily due to higher rig activity, as well as increased day rates of certain rigs.
Between Q4 2022 and Q3 2023, the company started operating five additional offshore rigs, which boosted its full-year revenue.
The fourth-quarter net earnings jumped 34 percent to SAR 183 million from SAR 137 million in Q4 2022.
