ADES HOLDING-

Ades Holding reported a 2.1% y-o-y decline in net income to SAR 196.7 mn in 1Q 2025, according to an earnings release (pdf). Revenue also fell 4% y-o-y to SAR 1.47 bn, reflecting lower activity levels as three new onshore rigs are being deployed to Kuwait and offshore rigs are being redeployed from the Kingdom to Nigeria, Thailand, and Brazil.

What they said: The dip was expected as the company begins its expansion phase and reaffirmed the company’s 2025 EBITDA forecast, CEO Mohamed Farourl told Asharq, noting that operations are driven by production levels rather than oil prices. The company will distribute 60% of its 2025 net income as dividends, he added.

ALSAIF STORES-

AlSaif Stores for Development and Investment saw its net income rise 12.6% y-o-y to SAR 35.16 mn in 1Q 2025, according to a disclosure to Tadawul. Revenue declined 15.1% y-o-y to SAR 229.26 mn during the quarter, weighed down by weaker sales and a shift in promotional strategy.

MAKKAH CONSTRUCTION-

Makkah Construction and Development saw its net income rise 32.7% y-o-y to SAR 150 mn in 1Q 2025, driven by higher hotel, towers, and mall revenues during Ramadan, as well as higher returns on financial assets, according to a disclosure to Tadawul. Revenue grew 27.6% y-o-y to SAR 236 mn during the same period, pushed up by higher occupancy rates and room prices, especially during the last nine days of Ramadan, and higher rental values at the company’s mall.

HERFY FOOD-

Herfy Food Services recorded a net loss of SAR 18.6 mn in 1Q 2025, down from SAR 448k in the same period last year, it said in a disclosure to Tadawul. The decline was attributed to lower sales, reduced other income, and higher general, administrative, and zakat expenses, despite decreases in selling, marketing and finance costs. Revenue fell 7.1% y-o-y to SAR 268.6 mn, impacted by Ramadan falling entirely within the quarter.

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