Riyadh – Mubasher: ADES Holding Company generated net profits worth SAR 606.25 million in the first nine months (9M) of 2024, an annual rise of 114.17% from SAR 283.07 million.
Revenues amounted to SAR 4.62 billion in 9M-24, up 51.32% from SAR 3.05 billion in the year-ago period, according to the initial financial results.
The earnings per share (EPS) increased to SAR 0.54 as of 30 September 2024 from SAR 0.44 in 9M-23.
Financials for Q3-24
In the third quarter (Q3) of 2024, ADES Holding recorded an 87.35% year-on-year (YoY) leap in net profit to SAR 203.28 million, versus SAR 87.35 million.
The group registered revenues valued at SAR 1.57 billion in July-September 2024, an annual growth of 45.78% from SAR 1.07 billion.
Quarterly, the Q3-24 profits edged up by 0.57% from SAR 202.12 million in Q2-24, while the revenues increased by 3.10% from SAR 1.52 billion.
Mohamed Farouk, CEO of ADES Holding, said: “On the ground, we successfully secured new backlog additions totalling SAR 4.90 billion during the nine-month period as well as c. SAR 1 billion during October 2024, bringing the total additions year-to-date to SAR 5.90 billion.”
“The quarter just ended also saw us successfully deploy three out of the five temporarily suspended jackups in KSA, with operations rapidly commencing on new contracts in Qatar, Thailand and Egypt thanks to ADES’ global platform and agile business model,” Farouk added.
He concluded: “We are also confident in the group’s ability to secure new awards for the remaining two rigs before year-end 2024.”
