ADES logs SAR 606.2M profit before minorities in 9M 2024; SAR 203.3M in Q3

04/11/2024 Argaam Exclusive

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ADES Holding Co. posted a net profit of SAR 606 million before minority interest in the first nine months of 2024, compared to SAR 283 million before minority interest in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 3,059.55 4,629.95 51.3 %
Gross Income 1,195.78 1,792.26 49.9 %
Operating Income 877.85 1,435.92 63.6 %
Net Income 275.26 595.45 116.3 %
Average Shares 858.09 1,129.06 31.6 %
Earnings Per Share before unusual items (Riyals) 0.32 0.63 95.0 %
EPS (Riyals) 0.32 0.53 64.4 %

The profit growth was spurred by a 51.3% year-on-year (YoY) increase in revenue for the first nine months of 2024, reaching SAR 4.63 billion. This was attributed to continued strong growth in Saudi Arabia, supported by newly deployed rigs, as well as new revenue contributions from operations in India, Indonesia, and Thailand.

 

Net profit margin also grew from 9.3% in 9M 2023 to 13.1% in 9M 2024. This reflected a higher EBITDA margin of 2.1% and a 4.4% decline in interest to revenue, which was partly offset by a 2.5% increase in higher depreciation expenses following the deployment of rigs in Saudi Arabia, Kuwait, and India.

 

In Q3 2024, net profit reached SAR 196.2 million, soaring from SAR 83.9 million in Q3 2023, mainly due to revenue growth of 45.8% YoY to SAR 1.57 billion.

 

On a sequential basis, the bottom line fell 1.1% from SAR 198.47 million in Q2 2024.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 1,078.69 1,572.60 45.8 %
Gross Income 414.89 615.55 48.4 %
Operating Income 311.47 498.06 59.9 %
Net Income 83.87 199.62 138.0 %
Average Shares 858.09 1,129.06 31.6 %
Earnings Per Share before unusual items (Riyals) 0.10 0.21 114.7 %
EPS (Riyals) 0.10 0.18 80.9 %

Shareholders’ equity, after minority interest, reached SAR 6.19 billion as of Sept. 30, 2024, up from SAR 2.60 billion a year earlier.

 

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Share Price

Ades Holding Co.
15.28
0.14 0.92 %

Ades Holding Co. (ADES)

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Financial Ratios
Current
Market Cap (M Riyal) 17,093.97
Enterprise Value (EV) (M) 28,348.73
Shares Outstanding ((M)) 1,129.06
EPS ( Riyal) (TTM) 0.71
Book Value (BV) ( Riyal) 5.75
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 18.90
P/E (TTM) 21.30
Price/book 2.63
Return on Average Assets (%) (TTM) 3.9
Return on Average Equity (%) (TTM) 6.2
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