Riyadh – Arabian Drilling announced a net profit worth SAR 251.24 million during the first nine months (9M) of 2024 compared with SAR 421.80 million in 9M-23. This marks a 40.43% decline on an annual basis.

The earnings per share (ESP) fell to SAR 2.82 in 9M-24 from SAR 4.74 in the same period a year ago, according to the income statement.

Meanwhile, the company generated 11.23% higher revenue at SAR 2.76 billion during the January-September 2024 period when compared to SAR 2.48 billion in the corresponding nine-month period a year earlier.

Financial Results for Q3

During the third quarter (Q3) of 2024, Arabian Drilling posted a 39.43% year-on-year (YoY) decrease in net profit to SAR 84.81 million from SAR 140.03 million.

The revenue also plunged by 6.13% to SAR 863.18 million in the July-September 2024 period, compared with SAR 919.58 million in the same three-month period a year earlier.

On a quarterly basis, the net profit of Arabian Drilling in Q3-24 marked a 320.34% leap from SAR 20.17 million in Q2-24, whereas the revenue decreased by 8.10% from SAR 939.30 million.

In the first half (H1) of 2024, the listed drilling giant registered over SAR 166 million worth of net profits as well as revenue of SAR 1.90 billion.

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