ADES profit falls 5% to SAR 365M in H1 2026; Q2 at SAR 128.5M

10/08/2026 Argaam Exclusive

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ADES Holding Co. reported a profit decline of 5% to SAR 365 million in H1 2026 from SAR 382.8 million in the year-earlier period.



Financials (Million Riyal)

Item 6m 2025 6m 2026 Change‬
Revenues 3,048.96 4,544.07 49.0 %
Gross Income 1,183.02 1,606.75 35.8 %
Operating Income 934.18 1,182.60 26.6 %
Net Income 382.76 364.97 (4.6 %)
Average Shares 1,129.06 1,129.06 -
Earnings Per Share before unusual items (Riyals) 0.34 0.32 (4.6 %)
EPS (Riyal) 0.34 0.32 (4.6 %)

ADES attributed the year-on-year (YoY) profit decline to the temporary suspension of operations at several offshore rigs due to the regional conflict, as well as non-recurring insurance expenses.

 

The impact was partly offset by higher revenue, which rose 49% YoY to SAR 4.54 billion in H1 2026 despite ongoing regional tensions and the resulting temporary operational suspensions. GCC markets accounted for 46.8% of total revenue.

 

Revenue growth was also supported by the contribution from the Shelf Drilling acquisition and the expansion of the company’s international operations.



Current Quarter Comparison (Million Riyal)

Compared With The
Item Q2 2025 Q2 2026 Change‬
Revenues 1,578.83 2,153.33 36.4 %
Gross Income 592.83 727.90 22.8 %
Operating Income 470.24 519.68 10.5 %
Net Income 188.60 128.53 (31.9 %)
Average Shares 1,129.06 1,129.06 -
Earnings Per Share before unusual items (Riyal) 0.17 0.11 (31.9 %)
EPS (Riyal) 0.17 0.11 (31.9 %)

In Q2 2026, net profit dropped 32% to SAR 128.5 million from SAR 188.6 million in the prior-year period, driven by the temporary suspension of operations at several offshore rigs due to the regional conflict, as well as non-recurring insurance expenses.

 

However, revenue rose 36.4% YoY to SAR 2.15 billion.

 

Net earnings also fell by 45.6% quarter-on-quarter (QoQ) from SAR 236.4 million in Q1 2026 as revenue decreased 9.9% sequentially.

 

Total shareholders’ equity, after minority interest, stood at SAR 6.90 billion as of June 30, 2026, compared to SAR 6.58 billion a year earlier.

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Share Price

Ades Holding Co.
17.57
0.02 0.11 %

Ades Holding Co. (ADES)

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Financial Ratios
Current
Market Cap (M Riyal) 19,837.60
Enterprise Value (EV) (M Riyal) 37,996.18
Shares Outstanding ((M)) 1,129.06
Recurring EPS ( Riyal) (TTM) 0.63
Book Value (BV) ( Riyal) 6.12
Par Value ( Riyal) 1.00
Recurring P/E (TTM) 27.70
P/E (TTM) 24.79
Price/book 2.87
Dividend Yield (%) (Last Year) 2.56
Return on Average Assets (%) (TTM) 3.0
Return on Average Equity (%) (TTM) 11.9
EV/adj EBITDA 9.43
EV/Revenues 4.64
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