ADES Holding 9M 2023 profit jumps 61% to SAR 275.3 mln; Q3 at SAR 83.9 mln

ADES Holding Co. posted a 61% profit increase before minority interest in the first nine months of 2023 to SAR 275.3 million, compared to SAR 171.2 million in the year-earlier period.

The profit increase came on the back of the group's recent expansion, specifically in the offshore drilling segment. That was reflected in the increased number of operating rigs during the current period compared to the same period last year.

Meanwhile, the company reported higher financing costs for refurbishment projects. It expects this to normalize in 2024, following start of operations.

In Q3 2023, net profit almost quadrupled to SAR 83.9 million from SAR 21.9 million in Q3 2022.

On a sequential basis, the bottom line fell 19.2% from SAR 103.83 million in Q2 2023, on higher interest expense from the additional debt utilized to finance the ongoing refurbishment projects in Saudi Arabia, Kuwait and India.

Shareholders’ equity, before minority interest, reached SAR 2.60 billion as of Sept. 30, 2023, up from SAR 2.08 billion a year earlier.

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