ADES profit surges 82% to SAR 802.5M in 2024; Q4 at SAR 207.1M

ADES Holding Co. reported a net profit of SAR 802.5 million for 2024, an increase of 82% from SAR 442.1 million in the year-earlier period.

Earnings, before minority interest, reached SAR 816.2 million for 2024, compared to SAR 452.1 million in 2023.

ADES recorded strong revenue growth of 43.1% year-on-year (YoY) in 2024, reaching SAR 6.19 billion, driven by sustained expansion in Saudi Arabia with newly deployed rigs, new revenue contributions from India, Indonesia, and Thailand, as well as higher effective daily rates across existing offshore rigs in Saudi Arabia and Egypt. Growth was also supported by increased activity in Kuwait and Algeria within the onshore segment.

Earnings before interest, tax, depreciation and amortization (EBITDA) margins grew, while interest expenses as a percentage of revenue declined. Net profit margin expanded from 10.4% in 2023 to 13.2% in 2024, reflecting lower financing costs to revenue. This was partially offset by increased depreciation following rig deployments in Saudi Arabia, Kuwait, India, Algeria, and Southeast Asia. Net profit also reflected a bargain purchase gain related to the Vantage acquisition, which was offset by a non-cash provision for other taxes and other non-recurring expenses.

Net profit for Q4 2024 jumped 24% to SAR 207.1 million from SAR 166.8 million a year ago.

On a sequential basis, net earnings grew 3.7% from SAR 199.6 million in Q3 2024.

Total shareholders’ equity, before excluding minority interest, stood at SAR 6.54 billion by Dec. 31, 2024, compared to SAR 5.74 billion a year earlier.

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