ADES profit slips 2% to SAR 194.2M in Q1 2025

05/05/2025 Argaam Exclusive

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ADES Holding Co. reported a profit decline to SAR 194.2 million (excluding minority interest) in Q1 2025, compared to SAR 197.4 million in the year-earlier period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2024	Q1 2025	Change‬
Revenues	1,532.07	1,470.14	(4.0 %)
Gross Income	602.69	590.18	(2.1 %)
Operating Income	494.13	463.94	(6.1 %)
Net Income	197.36	194.16	(1.6 %)
Average Shares	1,129.06	1,129.06	-
Earnings Per Share before unusual items (Riyal)	0.21	0.17	(18.4 %)
EPS (Riyal)	0.17	0.17	(1.6 %)

Item	Q4 2024	Q1 2025	Change‬
Revenues	1,569.07	1,470.14	(6.3 %)
Gross Income	566.79	590.18	4.1 %
Operating Income	455.54	463.94	1.8 %
Net Income	207.05	194.16	(6.2 %)
Average Shares	1,129.06	1,129.06	-
Earnings Per Share before unusual items (Riyal)	0.18	0.17	(2.2 %)
EPS (Riyal)	0.18	0.17	(6.2 %)

Earnings, before minority interest, reached SAR 196.7 million for Q1 2025, compared to SAR 200.8 million in Q1 2024.

The decline was attributed to a 4% year-on-year (YoY) decrease in revenue to SAR 1.47 billion in Q1 2025. This drop is due to a temporary impact from lower operational activity, as the group is currently preparing to commence operations under new contracts.

The new contracts include the ongoing mobilization of three onshore rigs in Kuwait, in addition to offshore rigs in Nigeria, Thailand, and Brazil, which were previously operating in Saudi Arabia.

Despite the temporary dip, operational performance remains solid, supported by contributions from India, Southeast Asia, and Algeria, as well as increased contribution from the production model applied by ADES in Egypt.

In addition, the company’s revenue was affected by the increase in the ratio of depreciation and interest expenses-to-revenue, which exerted further pressure on net profit.

On the other hand, net profit margin edged up to 13.4% in Q1 2025, compared to 13.1% in Q1 2024. The margin remained steady despite the improvement in earnings before interest, tax, depreciation and amortization (EBITDA), indicating underlying strength in operational efficiency.

On a sequential basis, net earnings retreated by 6.2% from SAR 207.5 million in Q4 2024.

Total shareholders’ equity, after excluding minority interest, stood at SAR 6.41 billion by March 31, 2025, compared to SAR 6.05 billion a year earlier.

Attached Documents

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Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS(Riyal)
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	-	-	-	-	-	-
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	73.58	-	0.09	-	73.58	0.09
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-
2021	107.81	46.5 %	0.13	479.04	(371.23)	(0.43)
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
2022	390.45	262.2 %	0.46	413.84	(23.39)	(0.03)
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
2023	442.10	13.2 %	0.39	(15.98)	458.08	0.41
Q1 2024	197.36	125.4 %	0.17	(40.66)	238.02	0.21
Q2 2024	198.47	91.1 %	0.18	(32.72)	231.19	0.20
Q3 2024	199.62	138.0 %	0.18	(37.26)	236.88	0.21
Q4 2024	207.05	24.1 %	0.18	8.47	198.59	0.18
2024	802.50	81.5 %	0.71	(102.18)	904.68	0.80
Q1 2025	194.16	(1.6 %)	0.17	-	194.16	0.17

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS(Riyal)
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	-	-	-	-	-	-
2020	73.58	-	0.09	-	73.58	0.09
2021	107.81	46.5 %	0.13	479.04	(371.23)	(0.43)
2022	390.45	262.2 %	0.46	413.84	(23.39)	(0.03)
2023	442.10	13.2 %	0.39	(15.98)	458.08	0.41
2024	802.50	81.5 %	0.71	(102.18)	904.68	0.80

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	-	-	-	-	-	-
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	1,695.41	-	636.62	-	391.57	-
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-
2021	1,514.21	(10.7 %)	539.32	(15.3 %)	(9.09)	(102.3 %)
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	-
2022	2,467.20	62.9 %	891.40	65.3 %	349.46	3944.4 %
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 %
2023	4,331.90	75.6 %	1,711.13	92.0 %	1,298.36	271.5 %
Q1 2024	1,532.07	60.5 %	602.69	62.2 %	494.13	88.6 %
Q2 2024	1,525.29	48.7 %	574.02	40.2 %	457.37	50.3 %
Q3 2024	1,572.60	45.8 %	615.55	48.4 %	498.06	59.9 %
Q4 2024	1,569.07	23.3 %	566.79	10.0 %	455.54	8.3 %
2024	6,199.02	43.1 %	2,359.05	37.9 %	1,883.21	45.0 %
Q1 2025	1,470.14	(4.0 %)	590.18	(2.1 %)	463.94	(6.1 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	-	-	-	-	-	-
2020	1,695.41	-	636.62	-	391.57	-
2021	1,514.21	(10.7 %)	539.32	(15.3 %)	(9.09)	(102.3 %)
2022	2,467.20	62.9 %	891.40	65.3 %	349.46	3944.4 %
2023	4,331.90	75.6 %	1,711.13	92.0 %	1,298.36	271.5 %
2024	6,199.02	43.1 %	2,359.05	37.9 %	1,883.21	45.0 %

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	37.55 %	36.98 %	4.34 %
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
2021	35.62 %	17.60 %	(24.52 %)
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	36.13 %	30.51 %	(0.95 %)
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 %
Q2 2024	38.96 %	50.91 %	13.61 %
Q3 2024	39.10 %	51.86 %	15.06 %
Q4 2024	38.06 %	51.20 %	14.59 %
2024	38.06 %	50.84 %	14.59 %
Q1 2025	38.24 %	51.90 %	14.03 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	37.55 %	36.98 %	4.34 %
2021	35.62 %	17.60 %	(24.52 %)
2022	36.13 %	30.51 %	(0.95 %)
2023	39.50 %	48.38 %	10.57 %
2024	38.06 %	50.84 %	14.59 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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	36.16 %	39.80 %	9.63 %
Q2 2022	39.64 %	(0.26 %)	(24.82 %)
Q3 2022	33.88 %	36.10 %	3.72 %
Q4 2022	35.24 %	42.75 %	6.17 %
Q1 2023	38.91 %	44.38 %	9.17 %
Q2 2023	39.90 %	47.15 %	10.12 %
Q3 2023	38.46 %	47.48 %	7.78 %
Q4 2023	40.50 %	53.15 %	14.37 %
Q1 2024	39.34 %	51.79 %	15.54 %
Q2 2024	37.63 %	50.59 %	15.16 %
Q3 2024	39.14 %	52.10 %	15.06 %
Q4 2024	36.12 %	50.30 %	12.66 %
Q1 2025	40.14 %	54.73 %	13.21 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
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
Q2 2024	1,129.06	0.57	0.65	5.56
Q3 2024	1,129.06	0.68	0.79	5.49
Q4 2024	1,129.06	0.71	0.80	5.75
Q1 2025	1,129.06	0.71	0.76	5.69

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	-	-	-	-
2019	-	-	-	-
2020	858.09	0.09	0.09	1.94
2021	858.09	0.13	(0.43)	2.21
2022	858.09	0.46	(0.03)	2.59
2023	1,129.06	0.39	0.41	5.09
2024	1,129.06	0.71	0.80	5.75

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q2 2024	33.92	29.80	3.59
Q3 2024	29.80	25.56	3.67
Q4 2024	24.42	21.67	3.02
Q1 2025	23.05	21.41	2.87

Period	P/E	Adjusted P/E	Price/book
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	-	-	-
2023	61.29	59.15	4.71
2024	24.42	21.67	3.02

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
Q2 2024	1,164.60	360.80
Q3 2024	1,212.30	360.20
Q4 2024	1,263.20	305.90
Q1 2025	1,198.20	271.90

Period	Offshore	Onshore
2020	869.39	826.02
2021	775.39	738.82
2022	1,602.10	865.10
2023	3,160.50	1,171.40
2024	4,844.00	1,355.00

Analysts Estimates (Million)

Item	Profit (Expected)	Profit (Actual)	Change
Average	193.22	194.16	0.49 %

Estimates vs Actual (Million)

Item	Profit (Expected)	Profit (Actual)	Change‬
Riyad Capital	195.00	194.16	(0.4) %
SNB Capital	196.00	194.16	(1.0) %
Citi Bank Group	188.20	194.16	3.1 %
GIB Capital	187.00	194.16	3.7 %
United Securities Company	205.00	194.16	(5.6) %
AlJazira Capital	180.00	194.16	7.3 %
Al Rajhi Capital	172.00	194.16	11.4 %
Bank of America	222.52	194.16	(14.6) %

Financial Ratios

	Current
Market Cap (M Riyal)	14,440.69
Enterprise Value (EV) (M)	25,970.56
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	16.78
P/E (TTM)	18.07
Price/book	2.25
Return on Average Assets (%) (TTM)	3.9
Return on Average Equity (%) (TTM)	12.8
EV/adj EBITDA	8.15
EV/Revenues	4.23

Ades Holding Co. (ADES)

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ADES profit slips 2% to SAR 194.2M in Q1 2025

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Current Quarter Comparison (M)

Profit Performance (Million)

Profit Performance (Million)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2025 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Ades Holding Co. (ADES)

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ADES profit slips 2% to SAR 194.2M in Q1 2025

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Current Quarter Comparison (M)

Profit Performance (Million)

Profit Performance (Million)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2025

Revenue by Business Segment (Latest) 2025 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Ades Holding Co. (ADES)

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Business Segments (Million)