ADES earns SAR 818M in 2025, SAR 220.7M in Q4
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ADES Holding Co. reported a net profit of SAR 818 million for 2025, compared with SAR 802.5 million in 2024.
Financials (M)
| Item | 2024 | 2025 | Change |
|---|---|---|---|
| Revenues | 6,199.02 | 6,688.96 | 7.9 % |
| Gross Income | 2,357.65 | 2,533.09 | 7.4 % |
| Operating Income | 1,881.81 | 1,992.71 | 5.9 % |
| Net Income | 802.50 | 818.02 | 1.9 % |
| Average Shares | 1,129.06 | 1,129.06 | - |
| Earnings Per Share before unusual items (Riyals) | 0.80 | 0.65 | (18.9 %) |
| EPS (Riyal) | 0.71 | 0.72 | 1.9 % |
ADES recorded robust revenues of SAR 6.7 billion in 2025, reflecting an increase of 7.9% compared with 2024. This reflects the group’s operational excellence across its core markets, alongside the initial contributions from recently entered geographies and the acquisition of Shelf Drilling in late November 2025.
The company, however, booked increased depreciation and interest expenses relative to revenue, as well as a gain on equity instruments designated at fair value through profit or loss recognized in Q3 2025, which was largely offset by acquisition-related transaction costs.
ADES’ net profit for Q4 2025 rose 7% to SAR 220.7 million from SAR 207.05 million a year ago.
On a sequential basis, net profit grew 2.8% from SAR 214.57 million in Q3 2025.
Current Quarter Comparison (M)
| Item | Q4 2024 | Q4 2025 | Change |
|---|---|---|---|
| Revenues | 1,569.07 | 1,986.06 | 26.6 % |
| Gross Income | 565.39 | 744.66 | 31.7 % |
| Operating Income | 442.10 | 572.21 | 29.4 % |
| Net Income | 207.05 | 220.69 | 6.6 % |
| Average Shares | 1,129.06 | 1,129.06 | - |
| Earnings Per Share before unusual items (Riyal) | 0.18 | 0.16 | (8.4 %) |
| EPS (Riyal) | 0.18 | 0.20 | 6.6 % |
Total shareholders’ equity, excluding minority interest, stood at SAR 6.78 billion by Dec. 31, 2025, compared to SAR 6.49 billion a year earlier.
Attached Document:
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2025 | 1,470.14 | (4.0 %) | 590.18 | (2.1 %) | 463.94 | (3.4 %) |
| Q2 2025 | 1,578.83 | 3.5 % | 592.83 | 3.3 % | 470.24 | 2.8 % |
| Q3 2025 | 1,653.93 | 5.2 % | 605.42 | (1.6 %) | 486.32 | (3.1 %) |
| Q4 2025 | 1,986.06 | 26.6 % | 744.66 | 31.7 % | 572.21 | 29.4 % |
| 2025 | 6,688.96 | 7.9 % | 2,533.09 | 7.4 % | 1,992.71 | 5.9 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| Q1 2025 | 194.16 | (1.6 %) | 0.17 | - | 194.16 | 0.17 |
| Q2 2025 | 188.60 | (5.0 %) | 0.17 | - | 188.60 | 0.17 |
| Q3 2025 | 214.57 | 7.5 % | 0.19 | 45.36 | 169.21 | 0.15 |
| Q4 2025 | 220.69 | 6.6 % | 0.20 | 38.77 | 181.92 | 0.16 |
| 2025 | 818.02 | 1.9 % | 0.72 | 84.13 | 733.89 | 0.65 |
Profitability
| Period | Gross Margin | Adjusted EBITDA margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2024 | 39.56 % | 49.95 % | 12.40 % |
| Q2 2024 | 38.96 % | 50.66 % | 13.61 % |
| Q3 2024 | 39.10 % | 51.69 % | 15.06 % |
| Q4 2024 | 38.03 % | 50.82 % | 14.59 % |
| 2024 | 38.03 % | 50.82 % | 14.59 % |
| Q1 2025 | 38.21 % | 51.74 % | 14.03 % |
| Q2 2025 | 38.19 % | 52.41 % | 13.22 % |
| Q3 2025 | 37.53 % | 52.78 % | 11.97 % |
| Q4 2025 | 37.87 % | 52.92 % | 10.97 % |
| 2025 | 37.87 % | 52.92 % | 10.97 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2025 | 1,129.06 | 0.71 | 0.76 | 5.69 |
| Q2 2025 | 1,129.06 | 0.70 | 0.72 | 5.83 |
| Q3 2025 | 1,129.06 | 0.71 | 0.66 | 5.84 |
| Q4 2025 | 1,129.06 | 0.72 | 0.65 | 6.01 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| Q1 2025 | 23.05 | 21.41 | 2.87 |
| Q2 2025 | 19.11 | 18.43 | 2.35 |
| Q3 2025 | 22.87 | 24.51 | 2.79 |
| Q4 2025 | 23.54 | 26.24 | 2.90 |
Business Segments (Million)
Q4 2025
| Period | Offshore | Onshore |
|---|---|---|
| Q1 2025 | 1,198.20 | 271.90 |
| Q2 2025 | 1,267.90 | 311.00 |
| Q3 2025 | 1,341.40 | 312.50 |
| Q4 2025 | 1,660.60 | 325.40 |
Analysts Estimates (Million)
| Item | Profit (Expected) | Profit (Actual) | Change | Profit Before Unusual Items | Change |
|---|---|---|---|---|---|
| Average | 192.72 | 220.69 | 181.92 |
Estimates vs Actual (Million)
| Item | Profit (Expected) | Profit (Actual) | Change | Profit Before Unusual Items | Change |
|---|---|---|---|---|---|
| SNB Capital | 224.00 | 220.69 | 181.92 | ||
| Riyad Capital | 210.00 | 220.69 | 181.92 | ||
| AlJazira Capital | 182.60 | 220.69 | 181.92 | ||
| United Securities Company | 175.00 | 220.69 | 181.92 | ||
| GIB Capital | 172.00 | 220.69 | 181.92 |
| Current | |
| Market Cap (M Riyal) | 20,695.69 |
| Enterprise Value (EV) (M Riyal) | 38,519.74 |
| Shares Outstanding ((M)) | 1,129.06 |
| EPS ( Riyal) (TTM) | 0.72 |
| Book Value (BV) ( Riyal) | 6.01 |
| Par Value ( Riyal) | 1.00 |
| Recurring P/E | 28.20 |
| P/E (TTM) | 25.30 |
| Price/book | 3.05 |
| Return on Average Assets (%) (TTM) | 3.1 |
| Return on Average Equity (%) (TTM) | 12.3 |
| EV/adj EBITDA | 10.88 |
| EV/Revenues | 5.76 |
Share Price
Ades Holding Co. (ADES)
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