ADES Holding net profit up to SAR 191.4 mln in H1 2023; Q2 at SAR 103.8 mln

ADES Holding Co., slated to list on the Saudi Exchange (Tadawul), posted a net profit of SAR 191.4 million in H1 2023, up from SAR 149.2 million a year earlier.

The profit hike was driven by an 84% year-on-year (YoY) increase in revenues to SAR 1.98 billion in H1 2023, compared to SAR 1.07 billion a year earlier.

The gross profit margin rose to 39% in the first half of this year, from 38% during the same period in 2022.

The operating profit margin grew to 29% in H1 2023 from 3% during the same period last year. This was as a result of the inclusion of a provision for impairment in the value of commercial accounts receivable of SAR 236.6 million, and other provisions of SAR 13.8 million.

This came despite higher general and administrative expenses, end-of-service benefits, financing costs, other expenses, taxes and Zakat.

The comparative period last year included SAR 245 million worth of gains from the acquisition of Emerald Driller Co.

In Q2 2023, the company reported a net profit of SAR 103.83 million, up from SAR 100.76 million in Q2 2022.

Sequentially, net profit inched up from SAR 87.56 million in Q1 2023.

Shareholders’ equity, excluding minority interest, stood at SAR 2.46 billion as of June 30, 2023, compared to SAR 2.05 billion a year earlier.

View More Financial Results