Arabian Drilling posts SAR 166.4M profit in H1 2024; SAR 20.2M in Q2

05/08/2024 Argaam Exclusive

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Arabian Drilling Co. (ADC) reported a net profit of SAR 166.4 million in H1 2024, compared to SAR 281.8 million in the prior-year period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	1,569.93	1,905.97	21.4 %
Gross Income	436.30	502.88	15.3 %
Operating Income	351.38	395.19	12.5 %
Net Income	281.77	166.43	(40.9 %)
Average Shares	89.00	89.00	-
EPS (Riyals)	3.17	1.87	(40.9 %)

The profit decline is attributed to the suspension of three offshore rigs partially offset by the startup of four land unconventional rigs.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	790.65	939.30	18.8 %
Gross Income	229.05	234.16	2.2 %
Operating Income	179.09	183.95	2.7 %
Net Income	140.29	20.18	(85.6 %)
Average Shares	89.00	89.00	-
EPS (Riyals)	1.58	0.23	(85.6 %)

Item	Q1 2024	Q2 2024	Change‬
Revenues	966.67	939.30	(2.8 %)
Gross Income	268.73	234.16	(12.9 %)
Operating Income	211.25	183.95	(12.9 %)
Net Income	146.26	20.18	(86.2 %)
Average Shares	89.00	89.00	-
EPS (Riyals)	1.64	0.23	(86.2 %)

The company also reported lower revenue and one-off non-cash asset impairment charges of SAR 105 million. Meanwhile, the lower short-term deposit income was partially offset by a deferred tax credit following a lower asset tax value.

The second-quarter net profit fell 85.6% to SAR 20.2 million from SAR 140.29 million in Q2 2023.

ADC’s net profit slumped 86.2% from SAR 146.26 million in Q1 2024.

Total shareholders’ equity, no minority interest, rose to SAR 5.90 billion as of June 30, 2024, from SAR 5.87 billion in the earlier-year period.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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	-	448.01	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	2,814.28	14.7 %	558.17	(2.8 %)	401.90	(10.3 %)
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	2,532.57	(10.0 %)	523.10	(6.3 %)	398.75	(0.8 %)
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	547.74	-	97.46	-	67.26	-
Q4 2021	595.42	-	169.82	-	142.86	-
2021	2,198.97	(13.2 %)	475.62	(9.1 %)	363.55	(8.8 %)
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 %
2022	2,703.54	22.9 %	801.44	68.5 %	621.80	71.0 %
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 %
Q3 2023	919.58	31.0 %	266.68	23.2 %	212.34	19.6 %
Q4 2023	987.01	31.6 %	272.92	13.0 %	230.44	31.5 %
2023	3,476.52	28.6 %	975.90	21.8 %	794.16	27.7 %
Q1 2024	966.67	24.0 %	268.73	29.7 %	211.25	22.6 %
Q2 2024	939.30	18.8 %	234.16	2.2 %	183.95	2.7 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	2,453.68	-	574.02	-	448.01	-
2019	2,814.28	14.7 %	558.17	(2.8 %)	401.90	(10.3 %)
2020	2,532.57	(10.0 %)	523.10	(6.3 %)	398.75	(0.8 %)
2021	2,198.97	(13.2 %)	475.62	(9.1 %)	363.55	(8.8 %)
2022	2,703.54	22.9 %	801.44	68.5 %	621.80	71.0 %
2023	3,476.52	28.6 %	975.90	21.8 %	794.16	27.7 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO 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	92.59	-	1.16	(277.65)	370.24	4.63
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	230.42	148.9 %	2.88	(19.27)	249.69	3.12
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	294.07	27.6 %	3.68	-	294.07	3.68
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	35.44	-	0.44	-	35.44	0.44
Q4 2021	118.31	-	1.48	-	118.31	1.48
2021	273.58	(7.0 %)	3.42	-	273.58	3.42
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
2022	557.72	103.9 %	6.27	57.79	499.93	5.62
Q1 2023	141.48	51.1 %	1.59	-	141.48	1.59
Q2 2023	140.29	23.0 %	1.58	-	140.29	1.58
Q3 2023	140.04	(34.4 %)	1.57	-	140.04	1.57
Q4 2023	182.81	33.7 %	2.05	-	182.81	2.05
2023	604.61	8.4 %	6.79	-	604.61	6.79
Q1 2024	146.26	3.4 %	1.64	-	146.26	1.64
Q2 2024	20.18	(85.6 %)	0.23	(105.00)	125.18	1.41

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	92.59	-	1.16	(277.65)	370.24	4.63
2019	230.42	148.9 %	2.88	(19.27)	249.69	3.12
2020	294.07	27.6 %	3.68	-	294.07	3.68
2021	273.58	(7.0 %)	3.42	-	273.58	3.42
2022	557.72	103.9 %	6.27	57.79	499.93	5.62
2023	604.61	8.4 %	6.79	-	604.61	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 %
Q2 2024	27.34 %	42.94 %	15.59 %

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 %
Q2 2024	24.93 %	44.70 %	13.33 %

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
Q2 2024	89.00	5.50	6.68	66.33

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
Q2 2024	24.45	20.13	2.03

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	-
Q2 2024	520.05	419.25	-

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	Q2 2024 (e)	Q2 2024 (a)	Change‬
Average	126.57	20.18	(84.1 %)

Estimates vs Actual (Million)

Item	Q2 2024 (e)	Q2 2024 (a)	Change
Hermes	109.00	20.18	(81.5) %
SNB Capital	111.00	20.18	(81.8) %
GIB Capital	120.00	20.18	(83.2) %
AlJazira Capital	126.00	20.18	(84.0) %
Al Rajhi Capital	128.00	20.18	(84.2) %
Citi Bank Group	165.42	20.18	(87.8) %

Financial Ratios

	Current
Market Cap (M Riyal)	9,825.60
Enterprise Value (EV) (M)	12,386.25
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)	18.23
P/E (TTM)	22.64
Price/book	1.67
Return on Average Assets (%) (TTM)	4.2
Return on Average Equity (%) (TTM)	7.3

Arabian Drilling Co. (ARABIAN DRILLING)

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Arabian Drilling posts SAR 166.4M profit in H1 2024; SAR 20.2M in Q2

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (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 Q2

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 posts SAR 166.4M profit in H1 2024; SAR 20.2M in Q2

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2024

Revenue by Business Segment (Latest) 2024 Q2

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)