RIYADH – Saudi Arabian drilling company, Al-Hajer Al-Arabiya, reported a net loss of 75.25 million Saudi Riyals (approximately $20.08 million USD) for the full year 2025, marking the first annual loss since the company’s listing on the Saudi stock market. This represents a significant downturn from the 321.4 million Riyal profit recorded in 2024, according to a company statement released on Sunday, March 1, 2026.
The company’s revenues decreased by 5% in the 2025 fiscal year, with the results falling short of analyst expectations. Estimates compiled by the Saudi platform “Tadawul” had projected a profit of around 76.1 million Riyals ($20.29 million USD). The disappointing performance prompted the board of directors to forgo a cash dividend distribution for the year.
According to reports from Argaam, the utilization rate of drilling rigs declined to 75% in 2025, compared to approximately 83% in the previous year. Despite this decrease, the company benefited from full revenues from unconventional platforms and a new offshore service platform.
The financial results, announced on “Tadawul Saudi,” also revealed a fourth-quarter loss of 148.5 million Riyals. Al Arabiya reported that the loss underscores a challenging period for the company amid shifting market dynamics in the energy sector.
In separate news, Al-Hajer Al-Arabiya announced the successful redeployment of two drilling platforms and the commencement of its first international offshore contract in the Gulf region, as reported by Sahifa Mal. This development signals a strategic push for international expansion.
