Arabian Drilling’s (2381) net profit jumped by 104% YoY at the end of 2022.
Arabian Drilling, which operates drilling rigs in KSA and the Saudi-Kuwaiti Neutral Zone, benefited from strong revenue growth thanks to the large demand for drilling rigs.
The company expected its total revenues to range between SAR 3.3bn – SAR 3.5bn and capital expenditures to range from SAR 1.2bn – SAR 1.4bn during the current fiscal year.
Arabian Drilling’s expectations are in line with its ongoing development of the three recently purchased offshore drilling rigs, in addition to renovation and development projects for some of its offshore rigs and facilities.
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