ADES Holding Co. reported a profit rise to SAR 197.1 million in Q1 2024, compared to SAR 87.6 million in the prior-year period.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 954.86 | 1,532.07 | 60.5 % |
| Gross Income | 371.55 | 602.69 | 62.2 % |
| Operating Income | 262.03 | 480.49 | 83.4 % |
| Net Income | 87.56 | 197.36 | 125.4 % |
| Average Shares | 858.09 | 1,129.06 | 31.6 % |
| EPS (Riyals) | 0.10 | 0.17 | 71.3 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 1,272.35 | 1,532.07 | 20.4 % |
| Gross Income | 515.35 | 602.69 | 16.9 % |
| Operating Income | 415.32 | 480.49 | 15.7 % |
| Net Income | 166.84 | 197.36 | 18.3 % |
| Average Shares | 1,129.06 | 1,129.06 | 0.0 % |
| EPS (Riyals) | 0.15 | 0.17 | 18.3 % |
ADES delivered a strong revenue growth of 60.5% year-on-year (YoY) to SAR 1.53 billion in Q1 2024. The strong top-line performance was driven by higher revenues from Saudi Arabia reflecting the start of contribution from all 19 rigs of the Aramco mega project beginning March 2024 compared to contributions from only four rigs in Q1 2023.
The group also reported an increase in Kuwait revenue, which contributed SAR 152 million in Q1 2024 to the total topline, following the deployment of all recently awarded contracts to reach a total of 10 operational rigs – with a full run rate as of April 2024.
A revenue of SAR 40 million was also generated from three rigs deployed in India—two in Q4 2023 and one in Q1 2024.
ADES net profit jumped by 18.2% from SAR 166.84 million in Q4 2023, thanks to a 20% quarter-on-quarter (QoQ) increase in revenue to SAR 1.53 billion.
ADES reported a lower ratio of interest expenses to revenue– in line with management’s guidance in the group’s 2023 earnings release.
Shareholders’ equity, after minority interest, reached SAR 6.05 billion as of March 31, 2024, up from SAR 2.31 billion a year earlier.
Attached Document:
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}