Ades, Lazurde, Tasheel and Seera post 1Q earnings

Ades’ global expansion and acquisitions cushion rig suspensions

Ades Holding’s net income increased by 21.8% y-o-y to SAR 236.4 mn in 1Q 2026, according to its Tadawul disclosure. Revenue climbed by 62.6% y-o-y to SAR 2.4 bn during the same period, according to its press release (pdf).

The results were fueled by Shelf Drilling’s acquisition and strong performance across offshore and onshore operations, following the deployment of new rigs, awards, and high utilization across the global platform. Ades aims to boost its earnings through expansion into new markets, redeploying rigs internationally, and diversifying revenue streams, CEO Mohamed Farouk said.

The company ramped up its exposure in Africa and Asia in 2026: Ades partnered with Seplat Energy to provide offshore drilling services in Nigeria for SAR 347.6 mn (USD 92.7 mn), after agreeing to deploy premium rigs for the West African Exploration for SAR 2.73 bn. It will also provide similar services in Thailand for Valeura Energy under a SAR 345 mn contract.

The regional conflict and related rig suspensions are expected to continue weighing on 2Q performance. The company, however, views these disruptions as short-term, event-driven rather than demand-driven, with the underlying regional fundamentals and long-term demand intact.

Soaring gold prices are a double-edged sword for Lazurde

Lazurde saw a 72.9% drop in net income to SAR 3.6 mn in 1Q 2026, according to a Tadawul disclosure. The decline comes as a 69% spike in gold prices pushed financing costs to a high end, despite management successfully thinning its gold working capital to 3.6 tons.

Still, revenue inched up by 43.4% y-o-y to SAR 1.03 bn, driven by higher performance amid increased global gold prices, which rose by 6.4% during the quarter, as well as a 7% surge in wholesale operating revenues and 6% growth in retail expansion.

Tasheel grows via financing

A pickup in lending activity drove a double-digit earnings increase for our friends at United International Holding Company (Tasheel). Net income expanded 11.4% y-o-y to SAR 64.4 mn in 1Q 2026, supported by a 17.5% y-o-y increase in revenue to SAR 205.3 mn, it said in a Tadawul disclosure. The company’s financing book was up 21.7% to SAR 3.2 bn during the quarter.

PLUS- A capital boost: Shareholders approved a 200% capital hike to SAR 750 mn via a bonus share issue, according to a separate disclosure (pdf). The SAR 500 mn increase will be funded by SAR 43.9 mn from statutory reserves and SAR 456.1 mn from retained earnings, with shareholders receiving 1.88 shares per existing share. The issuance includes 47 mn bonus shares for shareholders and 3 mn shares for an employee incentive plan.

Seera Group Holding

UK-led gains helped offset regional travel softness at Seera Group Holding in 1Q 2026, with net income rising 13.5% y-o-y to SAR 42 mn during the quarter, according to its latest earnings release (pdf) and Tadawul disclosure. The group’s revenues, however, saw a marginal 1.4% y-o-y dip to SAR 1.1 bn as the geopolitical stifling of tourism hit its core segments.

Who dragged and who carried: Revenues from the group’s tourism company Almosafer fell 8%, from car rental Lumi fell 11%, and from its hospitality business took a 15% plunge. Meanwhile, its UK-based travel investment firm Portman Travel Group saw revenues jump 12%.

IPOs and divestments are undeterred: Despite continued regional volatility, the company remains committed to its plans to list Almosafer and divest Portman, CEO Al Waleed Al Nasser said.