Ades Holding Co. announces its Interim Financial results for the Period Ending on 2025-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 1,470,138 | 1,532,070 | -4.042 | 1,569,069 | -6.305 |
| Gross Profit (Loss) | 590,184 | 602,686 | -2.074 | 566,793 | 4.126 |
| Operational Profit (Loss) | 475,605 | 494,131 | -3.749 | 455,541 | 4.404 |
| Net profit (Loss) | 196,679 | 200,848 | -2.075 | 209,936 | -6.314 |
| Total Comprehensive Income | 170,840 | 267,385 | -36.107 | 314,982 | -45.761 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 6,418,901 | 6,492,791 | -1.138 |
| Profit (Loss) per Share | 0.18 | 0.18 | |
| 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 | ADES reported a 4% y-o-y revenue decline in 1Q 2025 to SAR 1.47 billion, reflecting the temporary impact of lower activities as the Group prepares for new deployments and awards, namely, the ongoing deployment of three onshore rigs in Kuwait, and the mobilization of offshore rigs to Nigeria, Thailand, and Brazil, three of which were previously operating in KSA. Underlying operational momentum remained strong, supported by new revenue contributions from India, Southeast Asia, and Algeria, and increased contribution from ADES’ production model in brownfields in Egypt |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Net profit reached SAR 196.7 million for the period, down 2.1% despite the 4% decline in top-line, with net profit margin inching up to 13.4% compared to 13.1% in 1Q-2024. Margin stability despite stronger EBITDA performance reflects the higher ratio of depreciation and interest expense to revenue. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | Revenue declined by 6.3% in Q1 2025, primarily due to lower activity in the offshore segment, driven by the mobilization and deployment of rigs for recently awarded contracts and a scheduled project for an offshore rig in Qatar. The onshore segment was also impacted in Kuwait due to rigs undergoing new contract preparation. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | Net profit decreased by 6.3% despite higher gross profit QoQ mainly reflects the higher ratio of depreciation and tax expense to revenue during the period |
| 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 Q1 2025 compared to 1,095,191 thousand shares during Q1 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 194,155 thousands in Q1 2025 compared to 197,361 thousands in Q1 2024
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.