ADES HOLDING-

Egypt-born Ades Holding’s net income was up 80.5% y-o-y to SAR 816.2 mn in 2024 on the back of solid EBITDA gains and lower financing costs relative to revenue, it said in an earnings release (pdf). Revenues also rose 43.1% to SAR 6.2 bn over the same period, driven by expansion in offshore activities in Saudi Arabia and new rig deployments in India and Indonesia.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Looking ahead: The company is optimistic about industry trends, anticipating higher incomes from active tendering in key regions such as Southeast Asia, the Middle East, and West Africa. Despite “ongoing global economic uncertainties” the firm’s strategic focus is doubling down on “long-term fundamentals, operational agility, and financial discipline” in a bid to capitalize on new prospects, the release said.

ALSO- Ades Holding’s BoD is distributing SAR 242.2 mn in interim dividends for 2H 2024 at SAR 0.22 apiece, it said in a disclosure to Tadawul. Distribution is scheduled for Monday, 24 March 2025.

Ades’ Saudi operations account for 60% of its revenue in 2024, while global markets accounted for 23%, CEO Mohamed Farouk told Al Arabiya. The company is currently participating in 60 global tenders as it looks to increase its market share in the offshore drilling sector, Farouk added.

NADEC-

Agri-food giant National Agricultural Development Company (Nadec)’s net income grew 156.5% y-o-y at SAR 774.6 mn in FY2024, it said in an earnings release (pdf). The growth came on the back of SAR 103.2 mn in gains from selling its shares in Arabian Mills IPO and SAR 253.3 mn in fair value gain on its remaining shares, the release said.

Meanwhile, revenues inched up 0.7% to SAR 3.2 bn over the same period, driven by sales from the new protein segment, which were partially offset by declines in the dairy, beverages and agriculture segments.

YANSAB-

Yanbu National Petrochemical Co. (YANSAB) is back in the black with a net income of SAR 420.3 mn in 2024, rebounding from a SAR 485.1 mn loss in 2023, according to an earnings release (pdf). The rebound was fueled by higher production and sales, as well as higher average prices that offset a rise in the prices of production inputs. Meanwhile, revenues were up 36% over the same period at SAR 6.16 bn.

Why the uptick? The company’s performance in 2023 was affected by scheduled preventive maintenance from 10 January to 2 March, and temporary shutdowns announced on August 21 and 4 September.

LUMI RENTAL-

Lumi Rental’s net income grew 12.3% y-o-y to SAR 180.3 mn in FY 2024, despite higher financing costs from rising interest rates and borrowings, it said in an earnings release (pdf). Meanwhile, revenues were up 40.2% at SAR 1.55 bn over the same period due to gains across all business segments.

The bottom line nearly doubled in 4Q: Net income rose 93% y-o-y in 4Q 2024 to SAR 49 mn, the release said. Meanwhile, revenues were up 28% y-o-y at SAR 402 mn driven by solid performance across all segments.

Tags: