Arabian Drilling logged net profits amounting to SAR 166.43 million in the first half (H1) of 2024, marking an annual plunge of 40.93% from SAR 281.76 million.

The revenues hit SAR 1.90 billion in H1-24, higher by 21.40% year-on-year (YoY) than SAR 1.56 billion, according to the interim financial results.

Earnings per share (EPS) dropped to SAR 1.87 as of 30 June 2024 from SAR 3.16 in the year-ago period.

Income Results for Q2-24

In the second quarter (Q2) of 2024, the company recorded 85.61% lower net profits at SAR 20.17 million, compared to SAR 140.29 million in Q2-23.

Revenues climbed by 18.80% to SAR 939.30 million in April-June 2024 from SAR 790.64 million a year earlier.

Quarter-on-quarter (QoQ), the profits in Q2-24 plummeted by 86.20% from SAR 146.25 million in Q1-24, while the revenues declined by 2.83% from SAR 966.66 million.

Dividends

The board members approved cash dividends worth SAR 120.15 million, representing 13.50% of the share capital, for H1-24.

Arabian Drilling will pay SAR 1.35 per share for 89 million eligible shares on 22 August 2024.

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