ADES profit surges 82% to SAR 802.5M in 2024; Q4 at SAR 207.1M

ADES Holding Co. reported a net profit of SAR 802.5 million for 2024, an increase of 82% from SAR 442.1 million in the year-earlier period.

Financials (M)

Item	2023	2024	Change‬
Revenues	4,331.90	6,199.02	43.1 %
Gross Income	1,711.13	2,359.05	37.9 %
Operating Income	1,298.36	1,883.21	45.0 %
Net Income	442.10	802.50	81.5 %
Average Shares	1,129.06	1,129.06	-
Earnings Per Share before unusual items	0.41	0.80	97.5 %
EPS (Riyals)	0.39	0.71	81.5 %

Earnings, before minority interest, reached SAR 816.2 million for 2024, compared to SAR 452.1 million in 2023.

ADES recorded strong revenue growth of 43.1% year-on-year (YoY) in 2024, reaching SAR 6.19 billion, driven by sustained expansion in Saudi Arabia with newly deployed rigs, new revenue contributions from India, Indonesia, and Thailand, as well as higher effective daily rates across existing offshore rigs in Saudi Arabia and Egypt. Growth was also supported by increased activity in Kuwait and Algeria within the onshore segment.

Earnings before interest, tax, depreciation and amortization (EBITDA) margins grew, while interest expenses as a percentage of revenue declined. Net profit margin expanded from 10.4% in 2023 to 13.2% in 2024, reflecting lower financing costs to revenue. This was partially offset by increased depreciation following rig deployments in Saudi Arabia, Kuwait, India, Algeria, and Southeast Asia. Net profit also reflected a bargain purchase gain related to the Vantage acquisition, which was offset by a non-cash provision for other taxes and other non-recurring expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Revenues	1,272.35	1,569.07	23.3 %
Gross Income	515.35	566.79	10.0 %
Operating Income	420.50	447.29	6.4 %
Net Income	166.84	207.05	24.1 %
Average Shares	1,129.06	1,129.06	-
Earnings Per Share before unusual items	0.16	0.18	8.6 %
EPS (Riyals)	0.15	0.18	24.1 %

Item	Q3 2024	Q4 2024	Change‬
Revenues	1,572.60	1,569.07	(0.2 %)
Gross Income	615.55	566.79	(7.9 %)
Operating Income	498.06	447.29	(10.2 %)
Net Income	199.62	207.05	3.7 %
Average Shares	1,129.06	1,129.06	-
Earnings Per Share before unusual items	0.21	0.18	(16.2 %)
EPS (Riyals)	0.18	0.18	3.7 %

Net profit for Q4 2024 jumped 24% to SAR 207.1 million from SAR 166.8 million a year ago.

On a sequential basis, net earnings grew 3.7% from SAR 199.6 million in Q3 2024.

Total shareholders’ equity, before excluding minority interest, stood at SAR 6,49 billion by Dec. 31, 2024, compared to SAR 5.74 billion a year earlier.

Attached Documents

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Share Price

Ades Holding Co. (ADES)

	Current
Market Cap (M Riyal)	17,161.71
Enterprise Value (EV) (M)	28,416.47
Shares Outstanding ((M))	1,129.06
EPS ( Riyal) (TTM)	0.71
Book Value (BV) ( Riyal)	5.75
Par Value ( Riyal)	1.00
Adjusted P/E (Last12)	18.97
P/E (TTM)	21.39
Price/book	2.64
Return on Average Assets (%) (TTM)	3.9
Return on Average Equity (%) (TTM)	6.2

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
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 %	480.49	83.4 %
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 %	447.29	6.4 %
2024	6,199.02	43.1 %	2,359.05	37.9 %	1,883.21	45.0 %

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 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	Earnings Per Share before unusual items
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
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

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	Earnings Per Share before unusual items
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

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
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 %	49.95 %	12.40 %
Q2 2024	38.96 %	50.66 %	13.61 %
Q3 2024	39.10 %	51.63 %	15.06 %
Q4 2024	38.06 %	50.84 %	14.59 %
2024	38.06 %	50.84 %	14.59 %

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 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	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 %	50.90 %	15.54 %
Q2 2024	37.63 %	50.59 %	15.16 %
Q3 2024	39.14 %	52.10 %	15.06 %
Q4 2024	36.12 %	49.77 %	12.66 %

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
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

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 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
Q2 2024	33.92	29.80	3.59
Q3 2024	29.80	25.56	3.67
Q4 2024	24.42	21.67	3.02

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	Units operations	Catering services ades	Others	Projects income
Q1 2022	490.44	7.81	4.92	-
Q2 2022	561.53	10.39	4.14	-
Q3 2022	554.44	11.20	15.57	9.28
Q4 2022	757.66	14.67	17.57	7.59
Q1 2023	893.54	20.53	21.84	18.95
Q2 2023	979.52	21.54	21.87	3.08
Q3 2023	1,034.04	24.26	16.42	3.97
Q4 2023	1,211.67	28.97	26.64	5.07
Q1 2024	1,479.22	34.41	16.45	1.98
Q2 2024	1,468.95	36.03	13.70	6.61
Q3 2024	1,502.57	38.82	27.92	3.28
Q4 2024	1,468.95	41.62	34.50	24.01

Period	Units operations	Catering services ades	Others	Projects income
2020	1,597.97	26.39	26.87	44.17
2021	1,445.63	24.25	25.39	18.94
2022	2,364.06	44.06	42.20	16.88
2023	4,118.77	95.30	86.77	31.06
2024	5,919.70	150.87	92.57	35.88

Analysts Estimates (Million)

Item	Q4 2024 (e)	Q4 2024 (net income)	Change‬
Average	190.40	207.05	8.74 %

Estimates vs Actual (Million)

Item	Q4 2024 (e)	Q4 2024 (net income)	Change
Al Rajhi Capital	205.00	207.05	1.0 %
GIB Capital	204.00	207.05	1.5 %
AlJazira Capital	201.80	207.05	2.6 %
United Securities Company	196.00	207.05	5.6 %
Citi Bank Group	190.00	207.05	9.0 %
SNB Capital	180.00	207.05	15.0 %
Riyad Capital	156.00	207.05	32.7 %

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ADES profit surges 82% to SAR 802.5M in 2024; Q4 at SAR 207.1M

Financials (M)

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Ades Holding Co. (ADES)

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ADES profit surges 82% to SAR 802.5M in 2024; Q4 at SAR 207.1M

Financials (M)

Current Quarter Comparison (M)

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Share Price

Ades Holding Co. (ADES)

Financial Ratios

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2024

Revenue by Business Segment (Latest) 2024 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

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