ADES Q3 Profits Surge 132.7% to SAR 203.2 Million

Ades Holding Co. announced on Monday that its net profit increased by 132.7% to 203.2 million riyals during the third quarter of 2024, compared to 87.3 million riyals in the same quarter last year, following the announcement today of the estimated financial results for the duration ending Sep. 30, 2024 (9 months).

Operational profit increased by 57.6% to 513 million riyals in the third quarter of 2024, compared to 325.4 million riyals in the same quarter last year.

Profits per share amounted to 0.54 riyals in the third quarter of 2024, compared to 0.44 riyals in the same quarter last year.

According to the company, net profit increased significantly by 132.7% year-on-year to SAR 203.3 million in Q3 2024, reflecting the growth in revenues during the same duration. Net profit margin increased in Q3 2024 by 4.8 percentage points to 12.9%, on the back of higher EBITDA margin (up 1.9 percentage points) and lower interest-to-income ratio, which was partially offset by higher depreciation expenses following the commissioning of platforms in Saudi Arabia, Kuwait and India.