Egypt's National Drilling Company posts 74% profit slide as upstream services revenue erodes
Egypt's National Drilling Company reported a 74.12% year-on-year decline in net profit for the first quarter of 2026, with earnings falling to $694,406 from $2.683-million in the same period of 2025,...
Egypt's National Drilling Company reported a 74.12% year-on-year decline in net profit for the first quarter of 2026, with earnings falling to $694,406 from $2.683-million in the same period of 2025, according to the company's financial results. Revenue declined to $4.480-million from $7.396-million over the same period, and earnings per share fell to $0.14 from $0.54. Arab Finance reported the same figures from the company's results. CMA CGM + 2
The results extend a deteriorating trend rather than marking an isolated weak quarter. In full-year 2024 the company's revenue fell 38.05% to $16.43-million from $26.52-million the prior year, with earnings down 48.43% to $6.02-million. The company is listed on the Egyptian Exchange (EGX) under the ticker NDRL and is based in Cairo.
Established in 1981, National Drilling Company is a joint-stock firm providing drilling and land-rig services, including exploration and wildcat well drilling, alongside technical support, detection equipment services and oil-well maintenance for operating companies in Egypt's upstream oil and gas services sector. CMA CGM
Neither the company's disclosure nor the available reporting explains the drivers behind the revenue contraction — whether reduced rig utilisation, contract expiries, pricing pressure or lower exploration activity by client operators. The published results, as reported, also omit balance sheet and cash flow detail, which limits assessment of the company's capacity to weather a sustained downturn in activity.
The company's trajectory contrasts with conditions elsewhere in Egypt's drilling services market. The Egyptian Drilling Company (EDC) — a separate and substantially larger firm — reported revenue of approximately $402-million and net profit after tax of $132-million for its 2025 financial year, with operational efficiency of 98.8%, and announced expansion into India, the United Arab Emirates, Oman, Türkiye and West Africa alongside new contracts in Kuwait and Türkiye expected to generate around $86-million in revenue.
The divergence suggests National Drilling Company's difficulties are at least partly company-specific rather than a uniform reflection of Egyptian upstream activity, though confirmation would require disclosure the company has not yet provided. Egyptoil-Gas
The performance of Egypt's domestic drilling contractors carries weight beyond the companies themselves. Egypt has been seeking to arrest a multi-year decline in gas output and to attract renewed upstream investment, and the health of the local services sector — rig availability, pricing and capability — is one of the cost variables that international operators weigh in allocating exploration capital to Egyptian acreage.
The results extend a deteriorating trend rather than marking an isolated weak quarter. In full-year 2024 the company's revenue fell 38.05% to $16.43-million from $26.52-million the prior year, with earnings down 48.43% to $6.02-million. The company is listed on the Egyptian Exchange (EGX) under the ticker NDRL and is based in Cairo.
Established in 1981, National Drilling Company is a joint-stock firm providing drilling and land-rig services, including exploration and wildcat well drilling, alongside technical support, detection equipment services and oil-well maintenance for operating companies in Egypt's upstream oil and gas services sector. CMA CGM
Neither the company's disclosure nor the available reporting explains the drivers behind the revenue contraction — whether reduced rig utilisation, contract expiries, pricing pressure or lower exploration activity by client operators. The published results, as reported, also omit balance sheet and cash flow detail, which limits assessment of the company's capacity to weather a sustained downturn in activity.
The company's trajectory contrasts with conditions elsewhere in Egypt's drilling services market. The Egyptian Drilling Company (EDC) — a separate and substantially larger firm — reported revenue of approximately $402-million and net profit after tax of $132-million for its 2025 financial year, with operational efficiency of 98.8%, and announced expansion into India, the United Arab Emirates, Oman, Türkiye and West Africa alongside new contracts in Kuwait and Türkiye expected to generate around $86-million in revenue.
The divergence suggests National Drilling Company's difficulties are at least partly company-specific rather than a uniform reflection of Egyptian upstream activity, though confirmation would require disclosure the company has not yet provided. Egyptoil-Gas
The performance of Egypt's domestic drilling contractors carries weight beyond the companies themselves. Egypt has been seeking to arrest a multi-year decline in gas output and to attract renewed upstream investment, and the health of the local services sector — rig availability, pricing and capability — is one of the cost variables that international operators weigh in allocating exploration capital to Egyptian acreage.