Riyadh – ADES Holding Company logged net profits amounting to SAR 452 million in 2023, an annual growth of 13.57% from SAR 398 million.

Earnings per share (EPS) hit SAR 0.59 as of 31 December 2023, according to the financial statements.

The Saudi firm posted 75.60% higher revenues at SAR 4.33 billion last year, versus SAR 2.46 billion in 2022.

Mohamed Farouk, CEO of ADES Holding, said: “We successfully completed our listing on the Tadawul Exchange’s main market, a milestone marking the beginning of a new chapter in the group’s journey.

“On the ground, we continued to build on our long track record of operational excellence and safety, maintaining utilization rates at an average of 98% during the year and a Recordable Injury Frequency Rate well below the industry average at 0.09 vs IADC standard of 0.51,” Farouk added.

He underlined: “The group also efficiently replenished its backlog, which grew by c.1% to SAR 27.54 billion as of year-end, despite a revenue burn-rate of SAR 4.3 billion during the year.”

“In 2024, management remains confident in the Group’s growth prospects on account of its strong global platform, with a leading presence in the GCC and MENA regions and a growing footprint in Southeast Asia,” the CEO mentioned.

During the first nine months (9M) of 2023, the net profits after Zakat and tax of ADES Holding jumped by 60.80% to SAR 283 million from SAR 176 million in 9M-22.

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