Ades Holding Co. announces its Annual Financial results for the period ending on 2023-12-31

Ades Holding Co. announces its Annual Financial results for the period ending on 2023-12-31

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