Revenue decreases 6% YoY in 1H25
Abraj Energy reported a 1H25 revenue of OMR 72.9mn, marking a 6% YoY decrease. For 2Q25, revenue stood at OMR 36.1 mn (-7% YoY and -2% QoQ).
Net income decreased 13% YoY in 1H25
Net income for 1H25 stood at OMR 9.3mn, marking a 13% YoY decrease. For 2Q25, net income stood at OMR 4.4mn (-6% YoY and -10% QoQ).
Maintain Accumulate rating
Abraj Energy Services experienced a YoY decline in both revenue and net profit for 1H25. Despite the weak financial results, the company secured key drilling contracts during the quarter. Notably, Abraj secured key drilling agreements with Petroleum Development Oman (PDO) for Block 6, ARA Petroleum, and BP Exploration. Additionally, it received a variation order for a third rig from Wafra Joint Operations in Kuwait. The company also signed a term sheet to establish a strategic partnership with Algeria’s Sonatrach. These developments are expected to enhance revenue visibility and support net profit growth over the medium term, positioning Abraj for improved operational and financial performance going forward