Argaam CHARTS: Arabian Drilling vs. ADES post-earnings showdown

An ADC offshore rig

Arabian Drilling Co. (ADC) and ADES Holding Co., two key players in oil and gas exploration and drilling across the MENA and Asian regions, have reported their 2024 financial results.

 

ADES reported a net income before exceptional items of SAR 905 million, while ADC posted SAR 426.4 million.

 
ADES reported earnings per share (EPS) of SAR 0.84, or SAR 8.40 when adjusted for its nominal value of SAR 1, while ADC’s EPS stood at SAR 4.79.
 
ADES generated revenues of SAR 6.2 billion, compared to SAR 3.62 billion for ADC.
 
The price-to-earnings (P/E) ratio before exceptional items stood at 20.77x for ADES and 23.3x for ADC.
 
ADES achieved a gross profit margin of 38%, while ADC’s margin reached 24%.
 
The book value per share stood at SAR 5.75 for ADES, or SAR 57.50 when adjusted for a nominal value of SAR 10, while ADC’s book value per share was SAR 66.72.
 
By the end of 2024, ADES had net debt of SAR 11.2 billion, compared to SAR 2.4 billion for ADC.
 
ADES reported a contract backlog of SAR 28.3 billion by the end of 2024, while ADC’s total backlog reached SAR 10.3 billion by the end of Q3 2024.
 

ADES Holding primarily operates in Saudi Arabia, Kuwait, Qatar, and Egypt, whereas ADC focuses mainly on onshore platforms in Saudi Arabia. Additionally, ADC runs offshore platforms across the Middle East, North Africa, and Southeast Asia.

 

By the end of Q4 2024, ADES owned 91 rigs, including 48 jack-up rigs (mobile offshore drilling units) and 31 onshore tower rigs. The remainder are distributed among temporarily parked and unutilized rigs.

 

By the end of Q3 2024, ADC owned a total of 57 rigs, including 41 operational onshore rigs, eight operational offshore rigs, and eight temporarily idle rigs.

 

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