ADES Holding net profit more than doubles to SAR 394.4M in H1 2024; Q2 at SAR 197.1M

ADES Holding Co.'s H1 2024 net profit more than doubled to SAR 394.4 million, compared to SAR 191.4 million a year earlier.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	1,980.87	3,057.36	54.3 %
Gross Income	780.89	1,176.71	50.7 %
Operating Income	566.38	937.86	65.6 %
Net Income	191.39	395.83	106.8 %
Average Shares	858.09	1,129.06	31.6 %
EPS (Riyals)	0.22	0.35	57.2 %

Revenues also climbed by 54.3% year-on-year (YoY) to SAR 3.1 billion in H1 2024, thanks to higher revenues from operations in Saudi Arabia on the start of contribution from the 19 rigs of Aramco’s megaproject beginning March 2024, compared to contributions from only seven rigs in H1 2023.

In addition, the company reported new contributions from India totaling SAR 98.8 million in H1 2024, reflecting the gradual deployment of three offshore rigs starting Q4 2023. This is in addition to growth in revenues from Kuwait, which during the same period contributed SAR 319 million from 10 operational rigs – with a full run rate as of April 2024 – versus contributions from only six rigs in H1 2023.

Moreover, there was a threefold increase in revenue from Algeria, given the contribution of three additional rigs to the total five units in the first half of the year, versus only two in H1 2023. Furthermore, elevated effective daily rates in offshore rigs in Saudi Arabia and Egypt also helped drive revenue growth.

The six-month profit hike was also backed by a 3.3% annual expansion in net profit margin to 13.2%, versus 9.9% in H1 2023. The group’s strong bottom-line performance reflected higher revenues and improved EBITDA profitability (+3.3pp).

This aligns with the management’s 2023 guidance regarding the interest expense incurred on the back of refurbishment projects to start to normalize in 2024 after all planned rigs have been deployed. This was partly offset by higher depreciation expenses following the deployment of rigs in Saudi Arabia, Kuwait, Algeria and India.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	1,026.01	1,525.29	48.7 %
Gross Income	409.34	574.02	40.2 %
Operating Income	304.35	457.37	50.3 %
Net Income	103.83	198.47	91.1 %
Average Shares	858.09	1,129.06	31.6 %
EPS (Riyals)	0.12	0.18	45.3 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	1,532.07	1,525.29	(0.4 %)
Gross Income	602.69	574.02	(4.8 %)
Operating Income	480.49	457.37	(4.8 %)
Net Income	197.36	198.47	0.6 %
Average Shares	1,129.06	1,129.06	-
EPS (Riyals)	0.17	0.18	0.6 %

In Q2 2024, the company reported a net profit of SAR 197.1 million, up 90% from SAR 103.83 million in Q2 2023.

Sequentially, net profit fell slightly from SAR 197.36 million in Q1 2024.

Shareholders’ equity, excluding minority interest, stood at SAR 6.27 billion as of June 30, 2024, jumping from SAR 2.46 billion a year earlier.

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Share Price

Ades Holding Co. (ADES)

	Current
Market Cap (M Riyal)	21,384.40
Enterprise Value (EV) (M)	31,851.29
Shares Outstanding ((M))	1,129.06
EPS ( Riyal) (TTM)	0.68
Book Value (BV) ( Riyal)	5.49
Par Value ( Riyal)	1.00
Adjusted P/E (Last12)	24.06
P/E (TTM)	28.05
Price/book	3.45
Return on Average Assets (%) (TTM)	3.8
Return on Average Equity (%) (TTM)	17.3

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 %	415.32	110.1 %
2023	4,331.90	75.6 %	1,711.13	92.0 %	1,293.33	270.1 %
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 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
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 %	1,293.33	270.1 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO 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

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
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

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 %	48.26 %	10.57 %
2023	39.50 %	48.27 %	10.57 %
Q1 2024	39.56 %	49.84 %	12.40 %
Q2 2024	38.96 %	50.56 %	13.61 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
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 %	48.27 %	10.57 %

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 %	52.74 %	14.37 %
Q1 2024	39.34 %	50.90 %	15.54 %
Q2 2024	37.63 %	50.59 %	15.16 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
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

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

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	-	-	-
2023	61.29	59.15	4.71

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

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

Analysts Estimates (Million)

Item	Q2 2024 (e)	Q2 2024 (a)	Change‬
Average	195.98	198.47	1.27 %

Estimates vs Actual (Million)

Item	Q2 2024 (e)	Q2 2024 (a)	Change
Hermes	198.00	198.47	0.2 %
YAQEEN	200.00	198.47	(0.8) %
JP Morgan	202.80	198.47	(2.1) %
GIB Capital	192.00	198.47	3.4 %
Arqaam Capital	192.00	198.47	3.4 %
SNB Capital	191.00	198.47	3.9 %
AlJazira Capital	190.00	198.47	4.5 %
United Securities Company	212.00	198.47	(6.4) %
Al Rajhi Capital	186.00	198.47	6.7 %

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ADES Holding net profit more than doubles to SAR 394.4M in H1 2024; Q2 at SAR 197.1M

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ADES Holding net profit more than doubles to SAR 394.4M in H1 2024; Q2 at SAR 197.1M

Financials (M)

Current Quarter Comparison (M)

View other reports

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) Q2 2024

Revenue by Business Segment (Latest) 2024 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

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Estimates Accuracy

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