Arabian Drilling Company, listed on the main Saudi stock market, Tadawul, achieved an exceptional achievement by achieving record net profits amounting to 605 million riyals in 2023, an increase of 8.42% on an annual basis.

According to the company’s report, this strong growth is due to the addition of 5 new offshore rigs to its fleet. Which contributed significantly to increasing the company's contribution margin.

The company's revenues witnessed a noticeable jump of 29% to reach 3.477 billion riyals in 2023, supported by the increase in rig activity and the rise in daily prices for some of them. Arabian Drilling Company approved the distribution of cash dividends of 2.23 riyals per share for the second half of 2023. Bringing the total distributions during the year to 450 million riyals.

It should be noted that the "Arabian pits" have witnessed tremendous expansion during the recent period. It was established as a Saudi public joint stock company in 1964, and was listed on the Tadawul in 2022.

The company provides comprehensive services in the field of drilling, including: onshore and offshore drilling for gas and oil exploration, transporting, bringing and transporting drilling rigs, supplying, providing manpower and other services.

Thanks to its advanced fleet of rigs and its extensive experience in the field, Arabian Drilling is a leading model in the drilling services sector in the Kingdom, and is preparing to continue its journey of success and achieve more achievements in the future.