ArabFinance:  National Drilling Company (NDRL) reported 67% Year of Year decline in its net loss for Quarter one (Q1) of 2020, according to the company’s August 5th financial statements filed to the Egyptian Exchange.

Net loss reached $230,837 (EGP 4,246,823)  in Q1 of 2020, compared to $797,546 (EGP 12,756,047) in Q1 of 2019.

In 2019, net loss reached $980,199 (EGP 15,468,520), a decrease from $1,319,246 (EGP 20,819,021) incurred in a year earlier.

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 15.99