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Arabian Drilling Company decides to distribute SAR 120.15 million in dividends for the second half of 2024.
ARABIAN DRILLING +1.38%
ARABIAN DRILLING 2381.SA | 95.80 | +1.38% |
Riyadh - Mubasher: The board of directors of Arabian Drilling Company (ADC) approved, during its meeting held yesterday, the distribution of cash dividends to shareholders for the second half of 2024, at a rate of 13.5%, equivalent to SAR 1.35 per share.
The company stated in a statement today on Tadawul that the total distributed amount amounted to approximately 120.15 million riyals, distributed over 89 million shares.
The company indicated that the eligibility will be for shareholders who own shares on March 13, and that the distribution date will be April 8.
Arabian Drilling Company's annual financial results revealed a 46.85% decline in net profit in 2024.
The company stated in a statement today on Tadawul that net profit after zakat and tax amounted to approximately SAR 321.36 million, compared to SAR 604.61 million in 2023.
The company attributed the decline in net profits to the recording of operating costs for unconventional onshore drilling rigs in 2024, in addition to higher financing costs and equipment depreciation due to the addition of new drilling rigs, and finally a one-time non-cash asset write-down of SAR 105 million recorded in the second quarter of 2024.
