ADES Holding net profit up to SAR 191.4 mln in H1 2023; Q2 at SAR 103.8 mln

05/09/2023 Argaam Exclusive

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ADES Holding Co., slated to list on the Saudi Exchange (Tadawul), posted a net profit of SAR 191.4 million in H1 2023, up from SAR 149.2 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	1,079.22	1,980.87	83.5 %
Gross Income	410.30	780.89	90.3 %
Operating Income	33.46	566.38	1592.8 %
Net Income	149.22	191.39	28.3 %
Average Shares	858.09	858.09	-
EPS (Riyals)	0.17	0.22	28.3 %

The profit hike was driven by an 84% year-on-year (YoY) increase in revenues to SAR 1.98 billion in H1 2023, compared to SAR 1.07 billion a year earlier.

The gross profit margin rose to 39% in the first half of this year, from 38% during the same period in 2022.

The operating profit margin grew to 29% in H1 2023 from 3% during the same period last year. This was as a result of the inclusion of a provision for impairment in the value of commercial accounts receivable of SAR 236.6 million, and other provisions of SAR 13.8 million.

This came despite higher general and administrative expenses, end-of-service benefits, financing costs, other expenses, taxes and Zakat.

The comparative period last year included SAR 245 million worth of gains from the acquisition of Emerald Driller Co.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	576.06	1,026.01	78.1 %
Gross Income	228.34	409.34	79.3 %
Operating Income	(86.59)	304.35	451.5 %
Net Income	100.76	103.83	3.0 %
Average Shares	858.09	858.09	-
EPS (Riyals)	0.12	0.12	3.0 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	954.86	1,026.01	7.5 %
Gross Income	371.55	409.34	10.2 %
Operating Income	262.03	304.35	16.2 %
Net Income	87.56	103.83	18.6 %
Average Shares	858.09	858.09	-
EPS (Riyals)	0.10	0.12	18.6 %

In Q2 2023, the company reported a net profit of SAR 103.83 million, up from SAR 100.76 million in Q2 2022.

Sequentially, net profit inched up from SAR 87.56 million in Q1 2023.

Shareholders’ equity, excluding minority interest, stood at SAR 2.46 billion as of June 30, 2023, compared to SAR 2.05 billion a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
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 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2013	-	-	-	-	-	-
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 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
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

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	-	-	-	-	-	-
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)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	-	-	-
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	-	-	-
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 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
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 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	-	-	-	-
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

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
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	-	-	-

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	-	-	-

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

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

Financial Ratios

	Current
Market Cap (M Riyal)	20,526.31
Enterprise Value (EV) (M)	30,993.21
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)	23.09
P/E (TTM)	26.93
Price/book	3.31
Return on Average Assets (%) (TTM)	3.8
Return on Average Equity (%) (TTM)	17.3

Ades Holding Co. (ADES)

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ADES Holding net profit up to SAR 191.4 mln in H1 2023; Q2 at SAR 103.8 mln

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Financials (M)

Current Quarter Comparison (M)

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)

Business Segments (Million)

Revenue by Business Segment (Latest) 2023 Q2

Financial Ratios

Share Price

Ades Holding Co. (ADES)

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ADES Holding net profit up to SAR 191.4 mln in H1 2023; Q2 at SAR 103.8 mln

View other reports

Financials (M)

Current Quarter Comparison (M)

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)

Business Segments (Million) Q2 2023

Revenue by Business Segment (Latest) 2023 Q2

Financial Ratios

Share Price

Ades Holding Co. (ADES)

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Business Segments (Million)