KUWAIT CITY, Aug. 9, 2026 /PRNewswire/ -- Action Energy Company K.S.C.P. (AEC), listed on Premier Market of Boursa Kuwait (Bloomberg: ALFTAQA KK) (Reuters: ALFTAQA.KW), Kuwait's leading local partner for integrated upstream services, owner and operator of one of the youngest rig fleets in the region, announced its financial results for the first half ended 30 June 2026.
Sheikh Mubarak Abdullah Al-Mubarak Al-Sabah, AEC Chairman, said: "H1 2026 reflects the resilience of AEC's business model, with net profit nearly doubling YoY and our contracted backlog with Kuwait Oil Company (KOC) reaching a record $1.1 billion. In line with our commitment to delivering sustainable returns, the Board has recommended an interim cash dividend of 3 Fils per share. We remain committed to creating long-term shareholder value, and supporting Kuwait's long-term energy ambitions."
Ahmad Mohammad Al-Ajlan, Board Member and CEO, said: "H1 results reflect the successful execution of our growth and diversification strategy, with revenue increasing 34.4% and net profit rising 96.6% YoY. Record backlog, continued investment in fleet expansion, and the growing contribution of our oilfield services business provide a strong foundation for AEC's next phase of growth and long-term value creation."
Operational Review
Drilling and workover services account for ~61% of backlog. AEC operated 20 rigs at 100% utilisation, completing 202 rig moves versus 100 in H1 2025. Drilling revenue rose 39% to $45.21 million and rig leasing and mobilisation revenue grew 13.8% to $10.44 million.
Oilfield Services account for ~39% of backlog. AEC advanced mobilisation of its ESP, Slickline and OTSG service lines, investing $17.8 million. Other operating revenue increased 60.8% to $2.75 million. AEC also entered a strategic JV with Kellton to drive AI-led digital transformation across the GCC energy sector.
Dividends
The Board of Directors has recommended an interim cash dividend of ~10 cents per share for the six-month period ended June 30, 2026, representing a total distribution of approximately $5.5 million, and marking AEC's first interim cash dividend.
Outlook
AEC enters the second half with strong revenue visibility and full fleet utilisation. Priorities include mobilising the ESP, Slickline and OTSG service lines and seven new rigs, executing the record backlog, and maintaining financial discipline. Over the medium term, AEC targets a mix of ~60% drilling and 40% oilfield services, and net debt to equity below 1.25x.
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Action Energy Company Reports H1 2026 Financial Results
HEFEI, China, Aug. 9, 2026 /PRNewswire/ -- A news report from CRI Online:
"This is a rare opportunity — we have come to the new engine of China's economic growth, Anhui." So said H.E. Mr. Robert Lee, Fiji's Ambassador to China, at an exchange event in Hefei on the 3rd, which brought together 15 diplomats from Ethiopia, Fiji, Latvia, Türkiye, Botswana and other countries for an in-depth dialogue with the province.
At the opening ceremony, more than 100 Anhui-based enterprises were on display, spanning new energy vehicles, artificial intelligence, photovoltaic materials, construction equipment, culture, and tourism and wellness — sectors that represent new growth points for Anhui and for the Chinese economy more broadly. Newly released figures for the first half of the year show Anhui posting an economic output of 2.737 trillion yuan and growth of 5.6%, placing it among China's top ten provinces by GDP. Known for its strength in scientific innovation and its long-termism, the province is home to firms such as iFlytek (artificial intelligence) and JAC Group (automobile manufacturing).
H.E. Prof. Lekoko S. Kenosi, Botswana's Ambassador to China, said he valued this dialogue format and would visit companies over the coming days, adding that Anhui's sci-tech enterprises demonstrate strong R&D capabilities, opening possibilities for cooperation in cultural technology and intelligent manufacturing. Ambassador Lee also noted Anhui's progress in artificial intelligence and digital infrastructure, seeing points of convergence with Fiji's development needs.
The week-long programme will take the diplomats to companies in Hefei, Xuancheng and Huangshan, covering construction, automobile manufacturing, culture, and tourism and wellness. In Hefei, the itinerary includes a leading construction firm and an AI park; in Xuancheng, the development of the cultural industry and a cultural exchange session; in Huangshan, eco-tourism and wellness resort projects. The organizers said the aim is to give the diplomats a fuller picture of how a Chinese provincial economy actually works, and to identify potential areas for cooperation in supply chains, green technology transfer and people-to-people exchange.
No agreements have been signed so far, but several envoys expressed interest in continuing to engage with Anhui companies after the event. Long dominated by agriculture and traditional manufacturing, Anhui has in recent years become one of the faster-growing provinces in China's regional economy, drawing investment of a certain scale from both domestic and overseas sources.
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Diplomats' Perspective on Anhui: From Agricultural Province to Regional Economic "Growth Pole"
