ADES logs SAR 606.2M profit before minorities in 9M 2024; SAR 203.3M in Q3

04/11/2024 Argaam Exclusive

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ADES Holding Co. posted a net profit of SAR 606 million before minority interest in the first nine months of 2024, compared to SAR 283 million before minority interest in the year-earlier period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	3,059.55	4,629.95	51.3 %
Gross Income	1,195.78	1,792.26	49.9 %
Operating Income	915.98	1,479.17	61.5 %
Net Income	275.26	592.06	115.1 %
Average Shares	858.09	1,129.06	31.6 %
EPS (Riyals)	0.32	0.52	63.5 %

The profit growth was spurred by a 51.3% year-on-year (YoY) increase in revenue for the first nine months of 2024, reaching SAR 4.63 billion. This was attributed to continued strong growth in Saudi Arabia, supported by newly deployed rigs, as well as new revenue contributions from operations in India, Indonesia, and Thailand.

Net profit margin also grew from 9.3% in 9M 2023 to 13.1% in 9M 2024. This reflected a higher EBITDA margin of 2.1% and a 4.4% decline in interest to revenue, which was partly offset by a 2.5% increase in higher depreciation expenses following the deployment of rigs in Saudi Arabia, Kuwait, and India.

In Q3 2024, net profit reached SAR 196.2 million, soaring from SAR 83.9 million in Q3 2023, mainly due to revenue growth of 45.8% YoY to SAR 1.57 billion.

On a sequential basis, the bottom line fell 1.1% from SAR 198.47 million in Q2 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	1,078.69	1,572.60	45.8 %
Gross Income	414.89	615.55	48.4 %
Operating Income	325.43	512.97	57.6 %
Net Income	83.87	196.23	134.0 %
Average Shares	858.09	1,129.06	31.6 %
EPS (Riyals)	0.10	0.17	77.8 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	1,525.29	1,572.60	3.1 %
Gross Income	574.02	615.55	7.2 %
Operating Income	472.06	512.97	8.7 %
Net Income	198.47	196.23	(1.1 %)
Average Shares	1,129.06	1,129.06	-
EPS (Riyals)	0.18	0.17	(1.1 %)

Shareholders’ equity, after minority interest, reached SAR 6.19 billion as of Sept. 30, 2024, up from SAR 2.60 billion a year earlier.

Attached Document:

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Quarterly Actuals vs Estimates 04/11/202404/11/2024

All
Above Expectations
Below Expectations

Company	Estimated	Actual	Change
SAUDI CEMENT	92.40	100.20	8.4 %
ADES	198.84	196.00	(1.4 %)
SHAKER	19.00	17.72	(6.8 %)
MOUWASAT	167.20	149.64	(10.5 %)
TCC	26.10	23.05	(11.7 %)
ALDAWAA	86.63	75.09	(13.3 %)

Company	Estimated	Actual	Change
MALATH INSURANCE	(24.00)	5.55	123.1 %
STC	3,497.38	4,643.00	32.8 %
SAUDI CEMENT	92.40	100.20	8.4 %
BUPA ARABIA	343.94	356.28	3.6 %
LUMI	39.83	40.14	0.8 %

Company	Estimated	Actual	Change
SABIC	1,544.77	1,000.00	(35.3 %)
ALDAWAA	86.63	75.09	(13.3 %)
NAJRAN CEMENT	20.50	17.93	(12.5 %)
TCC	26.10	23.05	(11.7 %)
MOUWASAT	167.20	149.64	(10.5 %)
SHAKER	19.00	17.72	(6.8 %)
SAL	166.32	155.50	(6.5 %)
ADES	198.84	196.00	(1.4 %)

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