Financial Results : ADES profit rises to SAR 197.1M in Q1 2024

ADES profit rises to SAR 197.1M in Q1 2024

13/05/2024 Argaam Exclusive

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ADES Holding Co. reported a profit rise to SAR 197.1 million in Q1 2024, compared to SAR 87.6 million in the prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 954.86 1,532.07 60.5 %
Gross Income 371.55 602.69 62.2 %
Operating Income 262.03 480.49 83.4 %
Net Income 87.56 197.36 125.4 %
Average Shares 858.09 1,129.06 31.6 %
EPS (Riyals) 0.10 0.17 71.3 %

ADES delivered a strong revenue growth of 60.5% year-on-year (YoY) to SAR 1.53 billion in Q1 2024. The strong top-line performance was driven by higher revenues from Saudi Arabia reflecting the start of contribution from all 19 rigs of the Aramco mega project beginning March 2024 compared to contributions from only four rigs in Q1 2023.

 

The group also reported an increase in Kuwait revenue, which contributed SAR 152 million in Q1 2024 to the total topline, following the deployment of all recently awarded contracts to reach a total of 10 operational rigs – with a full run rate as of April 2024.

 

A revenue of SAR 40 million was also generated from three rigs deployed in India—two in Q4 2023 and one in Q1 2024.

 

ADES net profit jumped by 18.2% from SAR 166.84 million in Q4 2023, thanks to a 20% quarter-on-quarter (QoQ) increase in revenue to SAR 1.53 billion.

 

ADES reported a lower ratio of interest expenses to revenue– in line with management’s guidance in the group’s 2023 earnings release.

 

Shareholders’ equity, after minority interest, reached SAR 6.05 billion as of March 31, 2024, up from SAR 2.31 billion a year earlier.

 

Attached Document:

 

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