ADES’ expansion strategy impact to fully appear in early 2024: CEO

08/11/2023 Argaam
Mohamed Farouk, CEO ofADES Holding

Mohamed Farouk, CEO of ADES Holding

ADES Holding Co. will likely fully reap the fruits of its expansion strategy as of early 2024, CEO Mohamed Farouk said, underlining that the company is well-positioned to continue growing in the medium term.

 

ADES managed to implement its expansion plans, while maintaining its operating performance as well as the high utilization rates, stated Farouk in a commentary on the company’s Q3 2023 financials, adding that the offshore drilling rigs sector boosted revenue growth and profitability.

 

A total of 13 out of 19 drilling rigs have so far been delivered to Saudi Arabian Oil Co. (Saudi Aramco), as the company seeks to hand over the remaining six rigs before year-end, the CEO noted.

 

In the first nine months of 2023, ADES reported SAR 283 million in net profit, before minority interest, with SAR 87.4 million in Q3 2023, data compiled with Argaam showed.

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