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.