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Arabian Drilling profit up 8% to SAR 605M; Q4 at SAR 183M
Arabian Drilling Co. (ADC) reported a net profit rise of 8% to SAR 605 million in 2023, compared to SAR 558 million in 2022.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 2,703.54 | 3,476.52 | 28.6 % |
| Gross Income | 801.44 | 975.90 | 21.8 % |
| Operating Income | 621.80 | 794.16 | 27.7 % |
| Net Income | 557.72 | 604.61 | 8.4 % |
| Average Shares | 89.00 | 89.00 | - |
| EPS (Riyals) | 6.27 | 6.79 | 8.4 % |
The annual profit growth was fueled by a rise in revenue primarily due to higher rig activity, as well as increased day rates of certain rigs. Between Q4 2022 and Q3 2023, the company started operating five additional offshore rigs, which boosted its full-year revenue.
The margin contribution of the five additional offshore rigs increased, partially offset by higher finance cost and tax charges. The 2022 net profit included a one-time tax effect on a change of SAR 73.8 million in effective shareholding.
The fourth-quarter net earnings jumped 34% to SAR 183 million from SAR 137 million in Q4 2022.
ADC’s bottom line jumped 30.7% quarter-on-quarter (QoQ) compared to SAR 140 million.
Current Quarter Comparison (M)
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 750.27 | 987.01 | 31.6 % |
| Gross Income | 241.44 | 272.92 | 13.0 % |
| Operating Income | 175.24 | 230.44 | 31.5 % |
| Net Income | 136.69 | 182.81 | 33.7 % |
| Average Shares | 89.00 | 89.00 | - |
| EPS (Riyals) | 1.54 | 2.05 | 33.7 % |
Total shareholders’ equity, no minority interest, increased to SAR 5.96 billion as of Dec. 31, 2023, from SAR 5.59 billion in the year-earlier period.
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Share Price
Arabian Drilling Co. (ARABIAN DRILLING)
| Current | |
| Market Cap (M Riyal) | 10,128.20 |
| Enterprise Value (EV) (M) | 12,688.85 |
| 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) | 18.79 |
| P/E (TTM) | 23.33 |
| Price/book | 1.73 |
| Return on Average Assets (%) (TTM) | 4.2 |
| Return on Average Equity (%) (TTM) | 7.3 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| 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 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| 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 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| 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 |
Business Segments (Million)
Q4 2023
| Period | Land Rigs | Off-shore Rigs | Other |
|---|---|---|---|
| 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 | - |
Analysts Estimates (Million)
| Item | Q4 2023 (e) | Q4 2023 (a) | Change |
|---|---|---|---|
| Average | 167.03 | 182.81 | 9.44 % |
Estimates vs Actual (Million)
| Item | Q4 2023 (e) | Q4 2023 (a) | Change |
|---|---|---|---|
| Al Rajhi Capital | 176.00 | 182.81 | 3.9 % |
| SNB Capital | 165.10 | 182.81 | 10.7 % |
| GIB Capital | 160.00 | 182.81 | 14.3 % |
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