ADES profit rises to SAR 197.1M in Q1 2024

13/05/2024 Argaam Exclusive

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ADES Holding Co. reported a profit rise to SAR 197.1 million in Q1 2024, compared to SAR 87.6 million in the prior-year period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Revenues	954.86	1,532.07	60.5 %
Gross Income	371.55	602.69	62.2 %
Operating Income	262.03	480.49	83.4 %
Net Income	87.56	197.36	125.4 %
Average Shares	858.09	1,129.06	31.6 %
EPS (Riyals)	0.10	0.17	71.3 %

Item	Q4 2023	Q1 2024	Change‬
Revenues	1,272.35	1,532.07	20.4 %
Gross Income	515.35	602.69	16.9 %
Operating Income	415.32	480.49	15.7 %
Net Income	166.84	197.36	18.3 %
Average Shares	1,129.06	1,129.06	0.0 %
EPS (Riyals)	0.15	0.17	18.3 %

ADES delivered a strong revenue growth of 60.5% year-on-year (YoY) to SAR 1.53 billion in Q1 2024. The strong top-line performance was driven by higher revenues from Saudi Arabia reflecting the start of contribution from all 19 rigs of the Aramco mega project beginning March 2024 compared to contributions from only four rigs in Q1 2023.

The group also reported an increase in Kuwait revenue, which contributed SAR 152 million in Q1 2024 to the total topline, following the deployment of all recently awarded contracts to reach a total of 10 operational rigs – with a full run rate as of April 2024.

A revenue of SAR 40 million was also generated from three rigs deployed in India—two in Q4 2023 and one in Q1 2024.

ADES net profit jumped by 18.2% from SAR 166.84 million in Q4 2023, thanks to a 20% quarter-on-quarter (QoQ) increase in revenue to SAR 1.53 billion.

ADES reported a lower ratio of interest expenses to revenue– in line with management’s guidance in the group’s 2023 earnings release.

Shareholders’ equity, after minority interest, reached SAR 6.05 billion as of March 31, 2024, up from SAR 2.31 billion a year earlier.

Attached Document:

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Financial results (Million)

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 %

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

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 %

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 %

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

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

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

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	Q1 2024 (e)	Q1 2024 (a)	Change‬
Average	193.32	197.36	2.09 %

Estimates vs Actual (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change
Hermes	199.00	197.36	(0.8) %
SNB Capital	194.00	197.36	1.7 %
GIB Capital	203.00	197.36	(2.8) %
Goldman Sachs	203.20	197.36	(2.9) %
Al Rajhi Capital	207.00	197.36	(4.7) %
Morgan Stanley International	187.02	197.36	5.5 %
United Securities Company	160.00	197.36	23.4 %

Financial Ratios

	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

Ades Holding Co. (ADES)

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ADES profit rises to SAR 197.1M in Q1 2024

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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)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2024 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 rises to SAR 197.1M in Q1 2024

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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)

Ratios And Multiples

Business Segments (Million) Q1 2024

Revenue by Business Segment (Latest) 2024 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)