Ades Holding Co. announces its Interim Financial results for the Period Ending on 2025-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 1,578,826 | 1,525,287 | 3.51 | 1,470,138 | 7.393 |
| Gross Profit (Loss) | 592,833 | 574,024 | 3.276 | 590,184 | 0.448 |
| Operational Profit (Loss) | 487,492 | 472,064 | 3.268 | 475,605 | 2.499 |
| Net profit (Loss) | 191,682 | 202,126 | -5.167 | 196,679 | -2.54 |
| Total Comprehensive Income | 169,378 | 194,133 | -12.751 | 170,840 | -0.855 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 3,048,964 | 3,057,357 | -0.274 |
| Gross Profit (Loss) | 1,183,017 | 1,176,710 | 0.535 |
| Operational Profit (Loss) | 963,097 | 966,195 | -0.32 |
| Net profit (Loss) | 388,361 | 402,974 | -3.626 |
| Total Comprehensive Income | 340,218 | 461,518 | -26.282 |
| Total Shareholders Equity (after Deducting Minority Equity) | 6,585,200 | 6,276,002 | 4.926 |
| Profit (Loss) per Share | 0.35 | 0.36 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | Revenue grew by 3.5% in Q2 2025 compared to Q2 2024, primarily driven by stronger contributions from the offshore segment in Egypt, Qatar, India, and Southeast Asia. The growth in Southeast Asia was further supported by the integration of two premium rigs acquired from Vantage Drilling in 4Q 2024. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Despite the revenue increase, net profit declined by 5.2%, primarily due to a higher ratio of depreciation and interest expenses to revenue. This reflects the Group’s expanding fleet, with multiple rig deployments during the period. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The 7.4% increase in revenue is primarily driven by improvements in the onshore segment, with the deployment of three rigs in Kuwait that were in contract preparation and the commencement of two new builds. Additionally, better utilization and the entry into the Nigerian market positively impacted the offshore segment. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | Despite the revenue increase, net profit decreased by 2.5%, primarily due to higher ratio of depreciation and tax expense to revenue. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | ADES recorded resilient revenues of SAR 3.0 billion in 1H 2025 (74% generated from GCC countries), reflecting a soft decline of 0.3% y-o-y against the same period in 2024. This was mainly driven by the decreased utilization across the Group’s onshore segment, primarily in Kuwait. Revenues were further dampened by onshore rig mobilizations from Egypt to Algeria and lower utilization in Saudi Arabia, in addition to offshore rig mobilizations to Thailand, Indonesia, and Nigeria. The decline was partially offset by increased offshore contributions from Egypt, Qatar, India and Southeast Asia, with the latter bolstered by the integration of two premium rigs acquired in 4Q 2024 from Vantage Drilling. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | Net profit slightly declined by 3.6% year-on-year to SAR 388.4 million in 1H 2025, despite enhanced EBITDA performance, reflecting the higher ratio of depreciation and interest to revenue, reflecting the Group’s growing fleet year-over-year with multiple rig deployments during the six-month period. The Group expects these ratios to normalize over the coming quarters as all rig deployments are completed. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | Unmodified conclusion |
| Reclassification of Comparison Items | N/A |
| Additional Information | * EPS is calculated based on the weighted average number of ordinary shares of 1,100,936 thousand shares in H1 2025 compared to 1,095,592 thousand shares during H1 2024.
**Operating profit is calculated as Gross profit less General and administrative expenses.
*** The net profit attributable to equity holders of the Parent equals SAR 382,758 thousands in H1 2025 compared to 395,831 thousands in H1 2024 |
| Attached Documents |  |
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