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ADES (2382) investor relations material
ADES Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Global operations with 90 rigs across 13 countries, doubling fleet size since 2018 and maintaining high utilization rates at 98.6% in 1H 2025.
Interim financials for the six months ended 30 June 2025 were reviewed with no material misstatements identified under IAS 34.
The group operates in oil and gas drilling and production services across the Middle East, Africa, and Southeast Asia.
Achieved record backlog of SAR 29.72 billion, with SAR 4.5 billion in new awards during 1H 2025, including entry into Brazil and Cameroon.
Safety performance remains best-in-class with a TRIR of 0.12, well below industry standards.
Financial highlights
Revenue for 1H 2025 was SAR 3,048.96 million, nearly flat year-over-year.
EBITDA rose 11.2% year-over-year to SAR 1,674.5 million, with margin improving to 54.9% from 49.3%.
Net profit attributable to equity holders for 1H 2025 was SAR 382.76 million, down from SAR 395.83 million in H1 2024.
Operating cash flow increased 5.1% to SAR 1,650.9 million.
Free cash flow grew 3.5% year-over-year, supported by EBITDA growth and normalized maintenance CAPEX.
Outlook and guidance
Full-year 2025 EBITDA expected at SAR 3.28–3.39 billion, implying 8–12% organic growth.
Completion of rig deployments and contract preparations anticipated to accelerate activity in 2H 2025.
Interim dividend of SAR 231.2 million (c.60% of 1H 2025 net profit) approved.
The Board proposed an interim dividend of SAR 382.75 million for H2 2025, reflecting confidence in ongoing cash generation.
No material financial impact is expected from the barge incident due to full insurance coverage.
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