Arabian Drilling Full Year 2023 Earnings: Beats Expectations

Arabian Drilling (TADAWUL:2381) Full Year 2023 Results

Key Financial Results

• Revenue: ر.س3.48b (up 29% from FY 2022).
• Net income: ر.س604.6m (up 8.4% from FY 2022).
• Profit margin: 17% (down from 21% in FY 2022). The decrease in margin was driven by higher expenses.
• EPS: ر.س6.79.

All figures shown in the chart above are for the trailing 12 month (TTM) period

Arabian Drilling Revenues and Earnings Beat Expectations

Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 10%.

Looking ahead, revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Energy Services industry in Asia.

Performance of the market in Saudi Arabia.

The company's shares are down 3.0% from a week ago.

Risk Analysis

Before we wrap up, we've discovered 1 warning sign for Arabian Drilling that you should be aware of.

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