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

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.

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.

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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