Arabian Drilling net profit up 50% to SAR 141 mln in Q1

Arabian Drilling net profit up 50% to SAR 141 mln in Q1

14/05/2023 Argaam Exclusive

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Arabian Drilling Co. posted a net profit of SAR 141 million in Q1 2023, a 50% increase from SAR 94 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 598.53 779.28 30.2 %
Gross Income 156.65 207.25 32.3 %
Operating Income 120.28 172.29 43.2 %
Net Income 93.63 141.48 51.1 %
Average Shares 80.00 89.00 11.3 %
EPS (Riyals) 1.17 1.59 35.8 %

The positive performance was driven by additional revenue generated from two new offshore rigs (AD110/AD120), which started operations in December 2022.

 

Sequentially, net profit rose 3.1% from SAR 136.7 million in Q4 2022.

 

Shareholders’ equity, excluding minority interest, stood at SAR 5.73 billion as of March 31, 2023, compared to SAR 4.25 billion a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 - - - - - -
Q2 2020 - - - - - -
Q3 2020 - - - - - -
Q4 2020 - - - - - -
Q1 2021 - - - - - -
Q2 2021 - - - - - -
Q3 2021 547.74 - 97.46 - 67.26 -
Q4 2021 595.42 - 169.82 - 142.86 -
Q1 2022 598.53 - 156.65 - 120.28 -
Q2 2022 652.90 - 186.93 - 148.81 -
Q3 2022 701.84 28.1 % 216.42 122.1 % 177.47 163.9 %
Q4 2022 750.27 26.0 % 241.44 42.2 % 175.24 22.7 %
Q1 2023 779.28 30.2 % 207.25 32.3 % 172.29 43.2 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 - - - - - -
Q2 2020 - - - - - -
Q3 2020 - - - - - -
Q4 2020 - - - - - -
Q1 2021 - - - - - -
Q2 2021 - - - - - -
Q3 2021 35.44 - 0.44 - 35.44 0.44
Q4 2021 118.31 - 1.48 - 118.31 1.48
Q1 2022 93.63 - 1.17 (2.90) 96.54 1.21
Q2 2022 114.02 - 1.43 (5.23) 119.25 1.49
Q3 2022 213.37 502.0 % 2.67 72.35 141.02 1.76
Q4 2022 136.69 15.5 % 1.54 (6.43) 143.13 1.61
Q1 2023 141.48 51.1 % 1.59 - 141.48 1.59

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 - - -
Q2 2022 25.51 % 41.19 % 15.43 %
Q3 2022 28.64 % 43.75 % 18.64 %
Q4 2022 29.64 % 42.43 % 18.49 %
Q1 2023 29.54 % 42.20 % 18.89 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 - - - -
Q2 2014 - - - -
Q3 2014 - - - -
Q4 2014 - - - -
Q1 2015 - - - -
Q2 2015 - - - -
Q3 2015 - - - -
Q4 2015 - - - -
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 - - - -
Q2 2017 - - - -
Q3 2017 - - - -
Q4 2017 - - - -
Q1 2018 - - - -
Q2 2018 - - - -
Q3 2018 - - - -
Q4 2018 - - - -
Q1 2019 - - - -
Q2 2019 - - - -
Q3 2019 - - - -
Q4 2019 - - - -
Q1 2020 - - - -
Q2 2020 - - - -
Q3 2020 - - - -
Q4 2020 - - - -
Q1 2021 - - - -
Q2 2021 - - - -
Q3 2021 80.00 - - 50.48
Q4 2021 80.00 - - 52.40
Q1 2022 80.00 - - 53.15
Q2 2022 80.00 4.52 4.62 54.59
Q3 2022 80.00 6.74 5.94 57.25
Q4 2022 89.00 6.27 5.62 62.81
Q1 2023 89.00 6.80 6.12 64.40

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 - - -
Q2 2022 - - -
Q3 2022 - - -
Q4 2022 17.97 20.05 1.79
Q1 2023 22.46 24.96 2.37

Business Segments (Million)

Compared With The
Period Land Rigs Off-shore Rigs Other
Q3 2021 387.71 159.57 0.46
Q4 2021 441.60 153.01 0.80
Q1 2022 436.17 161.07 1.29
Q2 2022 467.10 183.73 2.07
Q3 2022 486.24 213.80 1.79
Q4 2022 505.26 243.26 1.76
Q1 2023 478.67 299.42 1.19

Analysts Estimates (Million)

Item Q1 2023 (e) Q1 2023 (a) Change‬
Average 147.79 141.48 (4.3 %)

Estimates vs Actual (Million)

Item Q1 2023 (e) Q1 2023 (a) Change
Goldman Sachs 136.17 141.48 3.9 %
Al Rajhi Capital 149.00 141.48 (5.0) %
SNB Capital 152.00 141.48 (6.9) %
Hermes 154.00 141.48 (8.1) %


Financial Ratios
Current
Market Cap (M Riyal) 9,843.40
Enterprise Value (EV) (M) 12,404.05
Shares Outstanding ((M)) 89.00
EPS ( Riyal) (TTM) 4.88
Book Value (BV) ( Riyal) 65.95
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 18.26
P/E (TTM) 22.68
Price/book 1.68
Return on Average Assets (%) (TTM) 4.2
Return on Average Equity (%) (TTM) 7.3
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Share Price

Arabian Drilling Co.
110.60
0.20 0.18 %

Arabian Drilling Co. (ARABIAN DRILLING)

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