Riyadh - Mubasher: ADES Holding Company logged a net profit of SAR 364.97 million for the first half (H1) of 2026, representing a 4.65% decrease from the SAR 382.76 million in H1-25.
The company’s revenue for the six-month period climbed by 49.04% to SAR 4.54 billion, supported by operational excellence in key markets and the acquisition of Shelf Drilling.
For the second quarter (Q2) of 2026, net profit shrank by 31.85% year-on-year (YoY) SAR 128.53 million. The company attributed the quarterly decline to the temporary suspension of several offshore rigs due to regional conflict and non-recurring insurance expenses.
Quarterly revenue rose by 36.39% YoY to SAR 2.15 billion, though it decreased by 9.93% compared to Q1-26.
The company maintained a strong backlog of SAR 34.67 billion as of 30 June 2026, with a weighted average remaining contract term of 4.54 years.
Utilization rates reached 97.60% during H1-26. Following these results, the board of directors recommended an interim dividend distribution of SAR 220.90 million, representing 60% of net profit attributable to shareholders.
ADES also confirmed a binding agreement to acquire Saipem's shallow water drilling activities in Saudi Arabia for $285 million.
