Ades Holding Co. announces its Annual Financial results for the period ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 4,332 | 2,467 | 75.6 | ||
| Gross Profit (Loss) | 1,711 | 891 | 92.03 | ||
| Operational Profit (Loss) | 1,341 | 645 | 107.91 | ||
| Net profit (Loss) | 452 | 398 | 13.57 | ||
| Total Comprehensive Income | 389 | 481 | -19.13 | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 5,748 | 2,222 | 158.69 | ||
| Profit (Loss) per Share | 0.59 | - | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | The Group delivered remarkable revenue growth of 75.6% y-o-y (+SAR 1.86 bn) to SAR 4.33 bn. This strong performance was driven by several factors, including the Group’s latest acquisition in KSA, which was completed in the fourth quarter of 2022 and added four operational rigs to the company's portfolio; the deployment of 14 rigs out of the 19 contracts of the Aramco Mega Project, a substantial increase compared to the two-rig contribution during FY 2022 and; the full-year revenue contribution from the three rigs acquired in Qatar, in contrast to their c.7 -month contribution in the previous fiscal year. Furthermore, higher utilization rates in KSA and Egypt, coupled with elevated effective daily rates, further fuelled revenue growth. Lastly, the onshore segment benefited from the addition of six rigs from newly awarded contracts in Kuwait and Algeria, contributing to the overall robust performance in FY 2023. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Net profit was up 13.7% y-o-y in FY 2023. The increase in net profit during the period is driven by the significant growth in revenue and gross profit enhancements on the back of the group's recent expansion. It is worth highlighting that the mentioned growth rate for the net profit during the period is not reflective of the actual growth rate due to the high base effect (FY 2022) from the net impact of non-recurring expenses and non-cash income recognized during FY 2022 of SAR 140.7 mn, mainly related to the non-cash bargain gain recognized on the Group’s acquisitions during FY 2022 |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | Unmodified opinion |
| Reclassification of Comparison Items | Not applicable |
| Additional Information | 1- All FY 2022 comparative figures are sourced from the audited special purpose consolidated financial statements.
2- EPS for the comparative year (FY 2022) isn't applicable. As the reported consolidated financial statements for the current period (From 28 December 2022 to 31 December 2023) represents the first statutory financial statements since the date of incorporation of the company. |
| Attached Documents |  |
Comments