Arabian Drilling profit grows 3% to SAR 146.3M in Q1 2024

13/05/2024 Argaam Exclusive

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Arabian Drilling Co. (ADC) reported a net profit rise of 3% to SAR 146.3 million in Q1 2024 from SAR 141.5 million in the prior-year period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Revenues	779.28	966.67	24.0 %
Gross Income	207.25	268.73	29.7 %
Operating Income	172.29	211.25	22.6 %
Net Income	141.48	146.26	3.4 %
Average Shares	89.00	89.00	-
EPS (Riyals)	1.59	1.64	3.4 %

Item	Q4 2023	Q1 2024	Change‬
Revenues	987.01	966.67	(2.1 %)
Gross Income	272.92	268.73	(1.5 %)
Operating Income	230.44	211.25	(8.3 %)
Net Income	182.81	146.26	(20.0 %)
Average Shares	89.00	89.00	-
EPS (Riyals)	2.05	1.64	(20.0 %)

The company cited higher revenue from the addition of three offshore rigs, which started their contract in Q3 2023, as well as the contribution of profit margins from this addition.

However, this was offset by higher finance and depreciation costs, as well as additional personnel costs associated with the start-up of our 10 unconventional land rigs.

Compared to Q4 2023, net earnings fell 20% from SAR 182.81 million, hurt by lower revenue from decreased rig move activities in Q1 2024 compared to the previous quarter, as well as one operating day less in February 2024.

ADC also incurred additional unconventional start-up costs, one-time credits recognized in Q4 2023, and additional deferred tax expenses recognized in Q1 2024.

Shareholders’ equity, no minority interest, rose to SAR 6.10 billion as of March 31, 2024, from SAR 5.73 billion a year earlier.

Attached Documents

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2015	-	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-	-
2015	-	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-	-
2016	-	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-	-
2017	-	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-	-
2018	2,453.68	-	574.02	-	92.59	-	1.16
Q1 2019	-	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-	-
2019	2,814.28	14.7 %	558.17	(2.8 %)	230.42	148.9 %	2.88
Q1 2020	-	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-	-
2020	2,532.57	(10.0 %)	523.10	(6.3 %)	294.07	27.6 %	3.68
Q1 2021	-	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-	-
Q3 2021	547.74	-	97.46	-	35.44	-	0.44
Q4 2021	595.42	-	169.82	-	118.31	-	1.48
2021	2,198.97	(13.2 %)	475.62	(9.1 %)	273.58	(7.0 %)	3.42
Q1 2022	598.53	-	156.65	-	93.63	-	1.17
Q2 2022	652.90	-	186.93	-	114.02	-	1.43
Q3 2022	701.84	28.1 %	216.42	122.1 %	213.37	502.0 %	2.67
Q4 2022	750.27	26.0 %	241.44	42.2 %	136.69	15.5 %	1.54
2022	2,703.54	22.9 %	801.44	68.5 %	557.72	103.9 %	6.27
Q1 2023	779.28	30.2 %	207.25	32.3 %	141.48	51.1 %	1.59
Q2 2023	790.65	21.1 %	229.05	22.5 %	140.29	23.0 %	1.58
Q3 2023	919.58	31.0 %	266.68	23.2 %	140.04	(34.4 %)	1.57
Q4 2023	987.01	31.6 %	272.92	13.0 %	182.81	33.7 %	2.05
2023	3,476.52	28.6 %	975.90	21.8 %	604.61	8.4 %	6.79
Q1 2024	966.67	24.0 %	268.73	29.7 %	146.26	3.4 %	1.64

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2014	-	-	-	-	-	-	-
2015	-	-	-	-	-	-	-
2016	-	-	-	-	-	-	-
2017	-	-	-	-	-	-	-
2018	2,453.68	-	574.02	-	92.59	-	1.16
2019	2,814.28	14.7 %	558.17	(2.8 %)	230.42	148.9 %	2.88
2020	2,532.57	(10.0 %)	523.10	(6.3 %)	294.07	27.6 %	3.68
2021	2,198.97	(13.2 %)	475.62	(9.1 %)	273.58	(7.0 %)	3.42
2022	2,703.54	22.9 %	801.44	68.5 %	557.72	103.9 %	6.27
2023	3,476.52	28.6 %	975.90	21.8 %	604.61	8.4 %	6.79

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	23.39 %	41.43 %	15.09 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	19.83 %	36.51 %	8.87 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	20.65 %	44.66 %	11.61 %
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
2021	21.63 %	41.44 %	12.44 %
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 %
2022	29.64 %	42.43 %	18.49 %
Q1 2023	29.54 %	42.20 %	18.89 %
Q2 2023	29.59 %	42.13 %	18.73 %
Q3 2023	29.15 %	42.31 %	17.44 %
Q4 2023	28.07 %	42.52 %	17.39 %
2023	28.07 %	42.52 %	17.39 %
Q1 2024	28.31 %	42.01 %	16.63 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	23.39 %	41.43 %	15.09 %
2019	19.83 %	36.51 %	8.87 %
2020	20.65 %	44.66 %	11.61 %
2021	21.63 %	41.44 %	12.44 %
2022	29.64 %	42.43 %	18.49 %
2023	28.07 %	42.52 %	17.39 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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	17.79 %	35.77 %	6.47 %
Q4 2021	28.52 %	47.50 %	19.87 %
Q1 2022	26.17 %	40.30 %	16.13 %
Q2 2022	28.63 %	40.79 %	18.26 %
Q3 2022	30.84 %	46.28 %	20.09 %
Q4 2022	32.18 %	41.95 %	19.08 %
Q1 2023	26.60 %	39.94 %	18.16 %
Q2 2023	28.97 %	40.77 %	17.74 %
Q3 2023	29.00 %	45.93 %	15.23 %
Q4 2023	27.65 %	42.78 %	18.52 %
Q1 2024	27.80 %	38.52 %	15.13 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q2 2023	89.00	7.10	6.36	65.97
Q3 2023	89.00	6.28	6.35	67.55
Q4 2023	89.00	6.79	6.79	66.98
Q1 2024	89.00	6.85	6.85	68.63

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	80.00	1.16	4.63	43.02
2019	80.00	2.88	3.12	45.33
2020	80.00	3.68	3.68	48.90
2021	80.00	3.42	3.42	52.40
2022	89.00	6.27	5.62	62.81
2023	89.00	6.79	6.79	66.98

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q2 2023	21.69	24.22	2.33
Q3 2023	29.96	29.62	2.78
Q4 2023	28.12	28.12	2.85
Q1 2024	24.57	24.57	2.45

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	17.97	20.05	1.79
2023	28.12	28.12	2.85

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
Q2 2023	488.91	301.72	0.02
Q3 2023	500.85	418.55	0.18
Q4 2023	539.21	447.80	-
Q1 2024	513.60	453.07	-

Period	Land Rigs	Off-shore Rigs	Other
2019	2,129.16	679.91	5.21
2020	1,874.92	653.46	4.18
2021	1,643.42	552.53	3.01
2022	1,894.76	801.86	6.91
2023	2,007.64	1,467.49	1.39

Analysts Estimates (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change‬
Average	169.33	146.26	(13.6 %)

Estimates vs Actual (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change
Al Rajhi Capital	158.00	146.26	(7.4) %
GIB Capital	163.00	146.26	(10.3) %
SNB Capital	187.00	146.26	(21.8) %

Financial Ratios

	Current
Market Cap (M Riyal)	11,872.60
Enterprise Value (EV) (M)	13,604.42
Shares Outstanding ((M))	89.00
EPS ( Riyal) (TTM)	6.85
Book Value (BV) ( Riyal)	68.63
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	19.48
P/E (TTM)	19.48
Price/book	1.94
Return on Average Assets (%) (TTM)	6.0
Return on Average Equity (%) (TTM)	10.3

Arabian Drilling Co. (ARABIAN DRILLING)

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Arabian Drilling profit grows 3% to SAR 146.3M in Q1 2024

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2024 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Arabian Drilling Co. (ARABIAN DRILLING)

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Arabian Drilling profit grows 3% to SAR 146.3M in Q1 2024

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2024

Revenue by Business Segment (Latest) 2024 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Arabian Drilling Co. (ARABIAN DRILLING)

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Business Segments (Million)