Riyadh – Mubasher: Arabian Drilling posted a 3.54% year-on-year (YoY) increase in net profit to SAR 146 million in the first quarter (Q1) of 2024 from SAR 141 million.

Revenues surged 24.13% YoY to SAR 967 million in Q1-24 from SAR 779 million, according to the interim financial results.

The earnings per share (EPS) amounted to SAR 1.64 in the three-month period that ended on 31 March 2024, up from SAR 1.59 in the corresponding period a year earlier.

Quarter-on-quarter (QoQ), the company’s net profit dropped 20.21% in Q1-24 from SAR 183 million in Q4-23, while the revenues declined by 2.02% from SAR 987 million.

In 2023, Arabian Drilling reported an 8.42% YoY increase in net profit to SAR 605 million from SAR 558 million.