National Drilling loss shrinks
Updated 4/30/2020 2:32:00 PM
ArabFinance: National Drilling Company (NDRL) posted a 26% Year on Year (YoY) decrease in its net loss for 2019, according to the company’s April 30th financial statements.
Net loss reached $980,199 (EGP 15,468,520) in 2019, a decrease from $1,319,246 (EGP 20,819,021) incurred in the same a year earlier.
In the first nine months of 2019, the company suffered a net loss of $1,534,631 (EGP 24,218,011), compared to net losses of $816,682 (EGP 12,888,058) in the same period a year ago.
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 15.78
