ADES’s 2024 Profit Jumps 81% to SAR 816 Million

ADES Holding Co. announced on Monday that its net profit increased by 81% to SAR 816 million by the end of 2024, compared to SAR 452 million last year. This came after the announcement today of the preliminary financial results for the duration ending Dec. 31, 2024.

Operational profit increased by 44% to SAR 1.9 billion by the end of 2024, compared to SAR 1.3 billion last year.

Equity (after excluding non-controlling interests) in the current year increased by 14% to SAR 6.5 billion, compared to SAR 5.7 billion last year.

Profits per share in the current year amounted to SAR 0.73, compared to SAR 0.59 last year.

The Company stated in a statement today on “Tadawul” that it recorded a strong growth in revenue by 43.1% year-on-year in the fiscal year 2024 to reach SAR 6,199.00 million during the fiscal year 2024, driven by continued growth in Saudi Arabia on the back of the operation of new platforms; new contributions from India, Indonesia and Thailand; in addition to higher daily rental rates for offshore platforms operating in Saudi Arabia and Egypt. The growth in revenues was also boosted by the contribution of the onshore platforms sector in light of the growth in the activity of platforms operating in Kuwait and Algeria.