Arabian Drilling Reports SAR 7.1M Net Profit in Q1 2026
ARABIAN DRILLING 2381.SA | 0.00 |
On 2026-05-10 08:53:38 (Saudi Time), Arabian Drilling Co. announced its Interim financial results for the three months ended on March 31, 2026.
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 821.6 | 911.1 | -9.823 | 824.3 | -0.327 |
| Gross Profit (Loss) | 100.5 | 180 | -44.166 | -29.9 | - |
| Operational Profit (Loss) | 59.9 | 136.8 | -56.213 | -90.9 | - |
| Net Profit (Loss) Attributable to Shareholders of the Issuer | 7.1 | 75.2 | -90.558 | -148.5 | - |
| Total Comprehensive Income Attributable to Shareholders of the Issuer | 7.5 | 72.2 | -89.612 | -139.6 | - |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 5,753.5 | 6,010.4 | -4.274 |
| Profit (Loss) per Share | 0.08 | 0.84 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
Year-on-Year Performance Drivers
Sales declined 9.823% YoY from SAR 911.1 million to SAR 821.6 million, primarily due to lower rig utilization rate (82% vs. 83%) and the absence of an exceptional rig move that occurred in Q1'25, partially offset by full revenue impact from unconventional rigs and a new barge. Net profit plummeted 90.558% YoY from SAR 75.2 million to SAR 7.1 million, driven by the revenue decline but partially mitigated by lower general & administrative and depreciation costs.
Quarter-on-Quarter Performance Drivers
QoQ revenue declined slightly by 0.3% to 821.6 million SAR, mainly due to the absence of one exceptional rig move that occurred in Q4'25, offset by revenue from recalled rigs in Q1'26. Net profit improved significantly from a loss of 148.5 million SAR in Q4'25 to a profit of 7.1 million SAR in Q1'26, primarily driven by the absence of a one-off non-cash asset impairment recorded for three inactive land rigs in the previous quarter, as well as the elimination of de-mobilization costs for one offshore rig that impacted Q4'25.
Other Items
The external auditor issued an unmodified conclusion for the interim financial results. No accumulated losses were reported, with the accumulated losses field showing no applicable amounts. Profit per share decreased from SAR 0.84 to SAR 0.08 based on 89,000,000 shares. Total shareholders equity declined 4.274% from SAR 6,010.4 million to SAR 5,753.5 million year-over-year.
Original announcement:
https://www.saudiexchange.sa/wps/portal/saudiexchange/newsandreports/issuer-news/issuer-announcements/issuer-announcements-details/?anId=95154&anCat=1&cs=2381&locale=arAttached PDF document link:
https://www.saudiexchange.sa/Resources/fsPdf/28194_3703_2026-05-10_08-29-18_en.pdfImportant Notice: The announcement information and market data in this report are sourced directly from the Saudi Exchange (Tadawul). This summary is generated by Sahm’s proprietary AI model for informational purposes only. While we strive for accuracy, it should not be construed as financial advice or an investment recommendation.