Riyadh – Mubasher: ADES Holding Company recorded net profits valued at SAR 200.84 million in the first quarter (Q1) of 2024, an annual jump of 124.63% from SAR 89.41 million.

Revenues surged by 60.45% to SAR 1.53 billion as of 31 March 2024 from SAR 954.85 million in Q1-23, according to the financial results.

The earnings per share (EPS) declined to SAR 0.18 in the first three months (3M) of 2024 from SAR 0.54 a year earlier.

Total backlog stood at SAR 26.75 billion as of 31 March 2024, while the earnings before interest, taxes, depreciation, and amortisation (EBITDA) posted a 73.60% YoY increase to SAR 752.90 million.

On a quarterly basis, the company’s net profits in Q1-24 rose by 18.84% from SAR 169 million in Q4-23, while the revenues increased by 20.41% from SAR 1.27 billion.

Mohamed Farouk, CEO of ADES Holding, said: “The group has secured a new award in the Gulf of Thailand, marking our entry into the ninth country of operations, and bringing our total presence in this promising part of the world to a total of five jack-ups.”

He added: “The group’s new awards in Thailand and Egypt along with a new contract in Qatar awarded in recent weeks have already seen us secure campaigns for three out of the five suspended rigs in KSA, the speed of which demonstrates the strength of our global platform and agility during very tight market conditions.”

In May 2024, ADES Holding was awarded a 21-month jack-up drilling contract in Egypt by the Suez Oil Company (SUCO).

During the 12-month period that ended on 31 December 2023, the net profits of ADES Holding jumped by 13.57% YoY to SAR 452 million from SAR 398 million.