National Drilling swings to profit
Updated 12/1/2020 2:51:02 PM
ArabFinance: National Drilling Company posted a net profit of $507,887 (EGP 7,948,127) in the first nine months of 2020, according to the company’s December 1st financial statements filed to the Egyptian Exchange.
In January-September 2019, the company suffered a net loss of $1,534,631 (EGP 24,016,054).
The company achieved a net profit after tax of $1.05 million (EGP 16.53 million) during the second quarter of 2020.
National Drilling is an Egypt-based company engaged in the provision of oil field drilling services. The company provides technical support and services for fields drilling operations through managing its four land drilling rigs, which are all presently contracted in Libya. Its scope of services also includes the provision of rigs associated equipment, selling and storing related machinery, as well as trading in related spare parts.
*At press time, the conversion rate is $1 = EGP 15.65
