Business · Companies · 11 hrs ago
ADES Holdings' quarterly profit falls 56% as revenue rises
Saudi drilling company ADES Holdings' third-quarter profit fell 56% year on year to 95 million riyals.
The company said temporary rig suspensions amid geopolitical tensions contributed to the decline.
Higher depreciation, interest and insurance costs also weighed on earnings.
At the same time, revenue rose 35% to 2.22 billion riyals, supported by operations in its main markets and international expansion.
ADES operates in 20 countries and provides drilling and oil extraction services to national and international oil companies.
The profit drop came despite stronger revenue, highlighting the pressure that suspended operations and rising costs can put on earnings.
In September, Saudi Arabia's Capital Market Authority approved a plan to double ADES's share capital to 2.26 billion riyals through a bonus share for each existing share.
ADES Holdings' third-quarter net profit fell about 56% year on year to 95 million riyals.
Revenue rose about 35% to 2.22 billion riyals.
The company attributed the profit decline to temporary suspensions of drilling-rig operations amid geopolitical tensions and higher depreciation, interest and insurance expenses.
Revenue growth was supported by operational performance, international expansion and contributions from Shelf rigs, Saipem rigs and ADES's production model in mature fields.
- Who
- ADES Holdings, a Saudi drilling and oil-services company.
- What
- Third-quarter net profit fell about 56% year on year to 95 million riyals, while revenue increased about 35% to 2.22 billion riyals.
- When
- The third quarter of 2026; the results were reported on November 9, 2026.
- Where
- ADES is headquartered in Al Khobar and operates in 20 countries.
- Why
- The company cited temporary suspensions of drilling-rig operations amid geopolitical tensions and higher depreciation, interest and insurance expenses.
This story does not have two clearly opposing sides.
ADES's board recommended increasing the company's capital to support its long-term growth strategy and future expansion.
Saudi Arabia's Capital Market Authority approved a 100% capital increase through a bonus share for each existing share.
ADES reported that third-quarter net profit fell about 56% year on year while revenue rose about 35%.
- Third-quarter net profit
- 95 million riyals, down about 56% year on year
- Third-quarter revenue
- 2.22 billion riyals, up about 35%
- Capital increase
- 100%, to 2.26 billion riyals
- Offshore jack-up rig fleet
- 86 rigs, including 51 premium rigs
- Operations
- 20 countries
- Headquarters
- Al Khobar, Saudi Arabia