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Adis's Q4 profits fall 32%
Ades Holding Company's profits declined by 32% in the second quarter of the year, reaching 128.5 million riyals due to the suspension of some offshore drilling operations caused by regional conflicts, which impacted performance. However, revenues increased by 36.5% to 2.15 billion riyals, driven by international expansion and the acquisition of Shelf Drilling. The company has decided to distribute cash dividends worth 221 million riyals for the first half of the year and signed an agreement to purchase the Saudi company Saipem for 1.07 billion riyals to strengthen its fleet. Additionally, there are plans to double the capital to 2.25 billion riyals to support growth and future expansion. The company also provided guidance for 2026 profits, estimating them between 4.5 and 4.8 billion riyals, aiming to boost confidence in future performance and achieve operational cost savings.
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