ADES (2382) Q4 2025 earnings summary

Executive summary

• Revenue increased to SAR 6.69 billion for 2025, up 7.9% year-over-year, driven by expanded operations and the acquisition of Shelf Drilling Limited.

• Net profit attributable to equity holders rose to SAR 818 million, with EPS at SAR 0.74, compared to SAR 802 million and EPS of SAR 0.73 in 2024.

• The acquisition of Shelf Drilling Limited in November 2025 expanded the offshore fleet and geographic reach, resulting in a provisional bargain purchase gain of SAR 21 million.

• The Board approved a cash dividend of SAR 265 million (SAR 0.24 per share) in March 2026.

Financial highlights

• Gross profit increased to SAR 2.53 billion from SAR 2.36 billion year-over-year.

• Operating profit before tax and zakat was SAR 1.04 billion, up from SAR 970.8 million in 2024.

• Cash and cash equivalents rose to SAR 2.46 billion from SAR 744 million at year-end 2024.

• Total assets grew to SAR 31.4 billion, up from SAR 21.6 billion, reflecting acquisitions and organic growth.

• Total equity increased to SAR 6.81 billion from SAR 6.54 billion.

Outlook and guidance

• Management expects continued resilience due to geographic diversification and a broadened operational platform, despite temporary rig suspensions in the GCC in early 2026.

• The Group is monitoring regional developments and expects short-term operational impacts to be immaterial.