Arabian Drilling H1 2023 profit jumps 36% to SAR 282 mln; Q2 at SAR 140 mln
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Arabian Drilling Co. (ADC) reported a 36% rise in H1 2023 net profit to SAR 282 million from SAR 208 million in the prior-year period.
Financials (M)
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 1,251.43 | 1,569.93 | 25.5 % |
| Gross Income | 343.59 | 436.30 | 27.0 % |
| Operating Income | 269.09 | 351.38 | 30.6 % |
| Net Income | 207.65 | 281.77 | 35.7 % |
| Average Shares | 80.00 | 89.00 | 11.3 % |
| EPS (Riyals) | 2.60 | 3.17 | 22.0 % |
The higher profit was spurred by better revenue from the two new offshore rigs (AD110 and AD120), which started operations in December 2022, along with other rigs resuming operations after the COVID suspension.
Current Quarter Comparison (M)
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 652.90 | 790.65 | 21.1 % |
| Gross Income | 186.93 | 229.05 | 22.5 % |
| Operating Income | 148.81 | 179.09 | 20.4 % |
| Net Income | 114.02 | 140.29 | 23.0 % |
| Average Shares | 80.00 | 89.00 | 11.3 % |
| EPS (Riyals) | 1.43 | 1.58 | 10.6 % |
The second-quarter net profit climbed 22.8% to SAR 140 million from SAR 114 million in Q2 2022, mainly due to the additional revenue from the two new offshore rigs (AD110 and AD120).
ADC’s net profit marginally declined by 1% from SAR 141.48 million in Q1 2023 on 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.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2023 | 779.28 | 30.2 % | 207.25 | 32.3 % | 172.29 | 43.2 % |
| Q2 2023 | 790.65 | 21.1 % | 229.05 | 22.5 % | 179.09 | 20.4 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2023 | 141.48 | 51.1 % | 1.59 | - | 141.48 | 1.59 |
| Q2 2023 | 140.29 | 23.0 % | 1.58 | - | 140.29 | 1.58 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2023 | 29.54 % | 42.20 % | 18.89 % |
| Q2 2023 | 29.59 % | 42.13 % | 18.73 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2023 | 89.00 | 6.80 | 6.12 | 64.40 |
| Q2 2023 | 89.00 | 7.10 | 6.36 | 65.97 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2023 | 22.46 | 24.96 | 2.37 |
| Q2 2023 | 21.69 | 24.22 | 2.33 |
Business Segments (Million)
Q2 2023
| Period | Land Rigs | Off-shore Rigs | Other |
|---|---|---|---|
| Q1 2023 | 478.67 | 299.42 | 1.19 |
| Q2 2023 | 488.91 | 301.72 | 0.02 |
Analysts Estimates (Million)
| Item | Q2 2023 (e) | Q2 2023 (a) | Change |
|---|---|---|---|
| Average | 143.63 | 140.29 | (2.3 %) |
Estimates vs Actual (Million)
| Item | Q2 2023 (e) | Q2 2023 (a) | Change |
|---|---|---|---|
| Goldman Sachs | 141.51 | 140.29 | (0.9) % |
| SNB Capital | 144.00 | 140.29 | (2.6) % |
| Al Rajhi Capital | 132.00 | 140.29 | 6.3 % |
| Hermes | 157.00 | 140.29 | (10.6) % |
| Current | |
| Market Cap (M Riyal) | 9,896.80 |
| Enterprise Value (EV) (M) | 12,457.45 |
| 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) | 18.36 |
| P/E (TTM) | 22.80 |
| Price/book | 1.69 |
| Return on Average Assets (%) (TTM) | 4.2 |
| Return on Average Equity (%) (TTM) | 7.3 |
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