Abraj Energy Sees H1 Profit Rise on Higher Drilling Activity

Abraj Energy Services reported a rise in first-half profit, driven by higher drilling activity and improved operational efficiency in its core Oman market.

Revenue for the six months ended June 30 came in at 82.3 million OMR, up from 74.1 million OMR a year earlier. Net profit rose to 12.8 million OMR from 10.5 million OMR, the company said in a filing.

The results reflect stronger demand for the company's drilling rigs and associated services, which benefited from sustained investment by Oman's oil and gas sector. Abraj operates a fleet of land rigs and provides well services across the sultanate.

Abraj will hold an earnings call for investors and analysts on Wednesday, July 29, at 1 p.m. Muscat time to discuss the results and outlook for the second half of the year.