Financial Results : ADES profit rises to SAR 197.1M in Q1 2024

ADES profit rises to SAR 197.1M in Q1 2024

13/05/2024 Argaam Exclusive

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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.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 954.86 1,532.07 60.5 %
Gross Income 371.55 602.69 62.2 %
Operating Income 262.03 494.13 88.6 %
Net Income 87.56 197.36 125.4 %
Average Shares 858.09 1,129.06 31.6 %
Earnings Per Share before unusual items (Riyal) 0.10 0.21 106.6 %
EPS (Riyal) 0.10 0.17 71.3 %

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:

 

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Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 - - - - - -
Q2 2020 - - - - - -
Q3 2020 - - - - - -
Q4 2020 - - - - - -
Q1 2021 - - - - - -
Q2 2021 - - - - - -
Q3 2021 - - - - - -
Q4 2021 - - - - - -
Q1 2022 48.45 - 0.06 - 48.45 0.06
Q2 2022 100.76 - 0.12 243.76 (143.00) (0.17)
Q3 2022 21.96 - 0.03 - 21.96 0.03
Q4 2022 219.27 - 0.26 170.08 49.19 0.06
Q1 2023 87.56 80.7 % 0.10 - 87.56 0.10
Q2 2023 103.83 3.0 % 0.12 - 103.83 0.12
Q3 2023 83.87 281.9 % 0.10 - 83.87 0.10
Q4 2023 166.84 (23.9 %) 0.15 (15.98) 182.82 0.16
Q1 2024 197.36 125.4 % 0.17 (40.66) 238.02 0.21


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 - - - - - -
Q2 2015 - - - - - -
Q3 2015 - - - - - -
Q4 2015 - - - - - -
Q1 2016 - - - - - -
Q2 2016 - - - - - -
Q3 2016 - - - - - -
Q4 2016 - - - - - -
Q1 2017 - - - - - -
Q2 2017 - - - - - -
Q3 2017 - - - - - -
Q4 2017 - - - - - -
Q1 2018 - - - - - -
Q2 2018 - - - - - -
Q3 2018 - - - - - -
Q4 2018 - - - - - -
Q1 2019 - - - - - -
Q2 2019 - - - - - -
Q3 2019 - - - - - -
Q4 2019 - - - - - -
Q1 2020 - - - - - -
Q2 2020 - - - - - -
Q3 2020 - - - - - -
Q4 2020 - - - - - -
Q1 2021 - - - - - -
Q2 2021 - - - - - -
Q3 2021 - - - - - -
Q4 2021 - - - - - -
Q1 2022 503.16 - 181.96 - 120.05 -
Q2 2022 576.06 - 228.34 - (86.59) -
Q3 2022 590.49 - 200.03 - 118.29 -
Q4 2022 797.49 - 281.07 - 197.71 -
Q1 2023 954.86 89.8 % 371.55 104.2 % 262.03 118.3 %
Q2 2023 1,026.01 78.1 % 409.34 79.3 % 304.35 451.5 %
Q3 2023 1,078.69 82.7 % 414.89 107.4 % 311.47 163.3 %
Q4 2023 1,272.35 59.5 % 515.35 83.4 % 420.50 112.7 %
Q1 2024 1,532.07 60.5 % 602.69 62.2 % 494.13 88.6 %

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 - - -
Q2 2022 - - -
Q3 2022 - - -
Q4 2022 36.13 % 30.51 % (0.95 %)
Q1 2023 37.03 % 33.45 % 0.54 %
Q2 2023 37.46 % 43.38 % 7.79 %
Q3 2023 38.29 % 45.64 % 8.41 %
Q4 2023 39.50 % 48.38 % 10.57 %
2023 39.50 % 48.38 % 10.57 %
Q1 2024 39.56 % 50.22 % 12.40 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2015 - - - -
Q2 2015 - - - -
Q3 2015 - - - -
Q4 2015 - - - -
Q1 2016 - - - -
Q2 2016 - - - -
Q3 2016 - - - -
Q4 2016 - - - -
Q1 2017 - - - -
Q2 2017 - - - -
Q3 2017 - - - -
Q4 2017 - - - -
Q1 2018 - - - -
Q2 2018 - - - -
Q3 2018 - - - -
Q4 2018 - - - -
Q1 2019 - - - -
Q2 2019 - - - -
Q3 2019 - - - -
Q4 2019 - - - -
Q1 2020 - - - -
Q2 2020 - - - -
Q3 2020 - - - -
Q4 2020 - - - -
Q1 2021 - - - -
Q2 2021 - - - -
Q3 2021 - - - -
Q4 2021 - - - -
Q1 2022 858.09 - - 2.27
Q2 2022 858.09 - - 2.40
Q3 2022 858.09 - - 2.43
Q4 2022 858.09 0.46 (0.03) 2.59
Q1 2023 858.09 0.50 0.02 2.69
Q2 2023 858.09 0.50 0.31 2.87
Q3 2023 858.09 0.58 0.38 3.03
Q4 2023 1,129.06 0.39 0.41 5.09
Q1 2024 1,129.06 0.49 0.54 5.36

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 - - -
Q2 2016 - - -
Q3 2016 - - -
Q4 2016 - - -
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 - - -
Q1 2018 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 2018 - - -
Q1 2019 - - -
Q2 2019 - - -
Q3 2019 - - -
Q4 2019 - - -
Q1 2020 - - -
Q2 2020 - - -
Q3 2020 - - -
Q4 2020 - - -
Q1 2021 - - -
Q2 2021 - - -
Q3 2021 - - -
Q4 2021 - - -
Q1 2022 - - -
Q2 2022 - - -
Q3 2022 - - -
Q4 2022 - - -
Q1 2023 - - -
Q2 2023 - - -
Q3 2023 - - -
Q4 2023 61.29 59.15 4.71
Q1 2024 41.24 37.40 3.76

Business Segments (Million)

Compared With The
Period Offshore Onshore
Q4 2022 569.10 228.83
Q1 2023 707.80 247.00
Q2 2023 739.40 286.60
Q3 2023 780.10 298.60
Q4 2023 933.20 339.20
Q1 2024 1,203.90 328.10

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change Profit Before Unusual Items Change
Average 193.32 197.36 2.09 % 238.02 23.13 %

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬ Profit Before Unusual Items Change‬
Hermes 199.00 197.36 (0.8) % 238.02 16.4 %
SNB Capital 194.00 197.36 1.7 % 238.02 18.5 %
GIB Capital 203.00 197.36 (2.9) % 238.02 14.7 %
Goldman Sachs 203.20 197.36 (3.0) % 238.02 14.6 %
Al Rajhi Capital 207.00 197.36 (4.9) % 238.02 13.0 %
Morgan Stanley International 187.02 197.36 5.2 % 238.02 21.4 %
United Securities Company 160.00 197.36 18.9 % 238.02 32.8 %


Financial Ratios
Current
Market Cap (M Riyal) 14,305.20
Enterprise Value (EV) (M) 25,835.07
Shares Outstanding ((M)) 1,129.06
EPS ( Riyal) (TTM) 0.71
Book Value (BV) ( Riyal) 5.69
Par Value ( Riyal) 1.00
Recurring P/E 16.62
P/E (TTM) 17.90
Price/book 2.23
Return on Average Assets (%) (TTM) 3.9
Return on Average Equity (%) (TTM) 12.8
EV/adj EBITDA 8.11
EV/Revenues 4.21
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Share Price

Ades Holding Co.
12.69
(0.10) (0.78 %)

Ades Holding Co. (ADES)

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