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National Energy Services Reunited Corp. (NESR) is a prominent oilfield services provider in the MENA and Asia Pacific regions, with a listing on NASDAQ. The company, with over 5,000 employees from diverse nationalities across 15 countries, offers a wide range of production and drilling services. NESR prides itself on being the MENA region's 'national champion' in the oil and gas industry, operating in key basins to deliver exceptional services.
National Energy Services Reunited Corp. (NESR) reported impressive financial results for the full year 2023, showcasing significant growth in revenue, operating cash flow, net income, and adjusted EBITDA. The company's revenue of $1.146 billion marked a 26% year-over-year increase, with an operating cash flow of $177.0 million (91% improvement), and a net income of $12.6 million. Adjusted EBITDA stood at $262.3 million, highlighting the company's strong financial performance. Additionally, NESR's diluted EPS for 2023 was $0.13, with adjusted diluted EPS at $0.53, including $0.40 per share of Charges and Credits.
The company's CEO and CFO expressed confidence in NESR's position in the MENA region, emphasizing strategic investments and operational excellence that drove the record-breaking results in 2023. Looking ahead, NESR anticipates continued growth and success based on tight service capacity and market demand. In Q1 2024, the company generated $297 million in revenue, reflecting a 15% increase from the previous year. NESR's strong financial performance and strategic investments position it well for future growth and success in the energy services sector.
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