The Saudi Arabian drilling company becomes profitable in the third quarter of this year, and recorded a net profit of 31.4 million riyals, compared to losses of 9.4 million riyals in the corresponding period last year, despite a decrease in revenues. The company attributed this change mainly to the efficiency of rig moving operations, cost optimization initiatives, lower net financing costs and lower income tax expenses. Arab Drilling's revenues decrease by 2.9% to 810.7 million riyals, affected by the decline in rig activity during the third quarter of this year.

The Saudi Arabian drilling company becomes profitable in the third quarter of this year, and recorded a net profit of 31.4 million riyals, compared to losses of 9.4 million riyals in the corresponding period last year, despite a decrease in revenues. The company attributed this change mainly to the efficiency of rig moving operations, cost optimization initiatives, lower net financing costs and lower income tax expenses. Arab Drilling's revenues decrease by 2.9% to 810.7 million riyals, affected by the decline in rig activity during the third quarter of this year.