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SASE:2382

19 stories mentioning SASE:2382

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Equities

Ades Holding's Board Proposes Capital Raise via Bonus Share Issue

The board of Ades Holding (SASE:2382) recommended raising the company's capital to 2.26 billion Saudi riyals from 1.13 billion riyals through the issue of bonus shares.The drilling services company said Tuesday that the increase will be done through the issue of one bonus share for every share held. The company will fund the capital boost by capitalizing 1.13 billion riyals from its share premium account.Ades Holding added that the move is subject to regulatory and shareholder approvals.

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Equities

Riyad Capital Maintains Ades Holding at Neutral After Q1 Results

Riyad Capital kept its neutral rating on Ades Holding (SASE:2382) as it took note of the drilling services company's first-quarter earnings report.Ades Holding reported a 22% annual rise in its net profit to 236 million riyals during the quarter, with revenue increasing 63% year over year to 2.39 billion riyals. Both were in line with Riyad Capital's estimates of 242 million riyals and 2.20 billion riyals, respectively."Although we recognize strong results, with Y/Y double-digit growth across the income statement for ADES, the most informative data point is KSA revenue, which declined -5% Y/Y to SAR 854 mln, despite Shelf-related additions (+4 in KSA) and three rig resumptions in-quarter. This validates our view that the regional disruption is structurally weighing on KSA activity. The second most important data point we highlight is management's reiteration of FY2026 EBITDA guidance of SAR 4.50-4.87 bln, while they also flagged additional 2Q pressure should regional conditions persist," analysts said in a first look note. Riyad Capital expects the company to reach the lower end of its guidance range, citing the management's confidence and geographical diversification.The Saudi Arabian stock's price target of 21 riyals was also maintained.

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Research

Aljazira Capital Boosts Ades Holding's PT, Keeps at Overweight

Aljazira Capital on Wednesday raised the price target for drilling services company Ades Holding Co. (SASE:2382) to 22.70 Saudi riyals from 18.90 riyals and affirmed its overweight rating.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

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Equities

United Securities Lifts Ades Price Target After Q1 Results

United Securities LLC raised its price target for Ades Holding (SASE:2382) as it took note of the offshore and onshore drilling company's first-quarter results."ADES delivered strong financial performance in 1Q26, although net income growth was partially constrained by lower margins. However, this was in line with management guidance, and we expect margin levels to improve gradually over the coming years as integration progresses and synergies are realized," analysts said Tuesday.For the three months ended March 31, Ades reported a net profit of 236.4 million Saudi riyals, with 2.39 billion riyals in revenue. The research firm attributed the group's robust revenue performance to the acquisition of Shelf Drilling, while noting that margin pressure following the deal limited its net overall profitability growth."The ongoing regional conflict has thus far had a limited impact on ADES's operations, and we take comfort from the company maintaining its EBITDA guidance of SAR 4.5-4.87bn for 2026. Nevertheless, a prolonged escalation in regional tensions could adversely affect performance, which continues to underpin our cautious outlook on the company. Overall, we raise our target price for ADES to SAR 21 per share, which implies a Hold rating," United Securities said.

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Equities

Bernstein Boosts Ades Holding's PT, Affirms Outperform Rating

Bernstein on Tuesday increased the price target for drilling services company Ades Holding (SASE:2382) to 26.17 Saudi riyals from 22.24 riyals and kept its rating at outperform.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

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Asia Markets

Tadawul Shares Start Week Lower as Russia-Ukraine Geopolitical Tensions Flare

The Tadawul All Share Index ended Sunday at 0.25% in the red as investors turned their attention to the aftermath of the US-China meeting last week."A Chinese foreign ministry readout noted that Presidents Xi and Trump agreed to establish 'China-US constructive strategic stability' to guide the next three years of relations. It holds the potential to expand cooperation on the economy and trade, health, agriculture, tourism, culture, and law enforcement," ING said. "The media and market focus was on the geopolitics side leading up to the summit, especially watching for any potential developments on Iran and Taiwan. No major breakthroughs were expected given the positions of both sides were well known heading into the meetings."In other news and dampening sentiment is the continued geopolitical tensions between Ukraine and Russia. Ukraine launched its biggest drone attacks in Moscow on Sunday. The retaliatory attacks resulted in at least four casualties and property damage.Looking ahead to the week, the local calendar will be quiet. Investors will turn their focus to the US Federal Reserve's latest meeting minutes on Wednesday after Jerome Powell's tenure as Fed chair ended. Powell will, however, continue to serve as the group's chair pro tempore until Kevin Warsh is sworn in as its new US Central Bank head.Back at home, Ades Holding (SASE:2382) extended its offshore shelf drilling contract with Tenaz Energy Netherlands. The deal involves drilling operations in the North Sea's Dutch sector. Shares of the drilling services company edged up 0.83% at closing.Meanwhile, Mohammed Hasan AlNaqool Sons (SASE:9514) is expanding its production and sales capacity with the purchase of 10 ready-mix concrete mixers and two ready-mix concrete pump trucks from Sani International Trading Development Co. The concrete manufacturer closed flat.

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Equities

Ades Holding Lands Extension of Contract for Offshore Drilling Services

Ades Holding (SASE:2382) secured an extension to its contract for shelf drilling with Tenaz Energy Netherlands, bringing the total potential contract value to 832.2 million Saudi riyals, according to a Sunday release.The Saudi Arabia-listed drilling services company will now conduct operations in the Dutch sector of the North Sea for a three-year firm term instead of the initial one-year firm term. The two additional one-year options remain in place.

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Equities

Goldman Sachs Lifts Ades Holding PT, Keeps Buy Rating

Goldman Sachs on Thursday increased the price target for Saudi drilling services company Ades Holding (SASE:2382) to 22.90 Saudi riyals from 22.20 riyals and kept its buy rating.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

SASE:2382
Equities

Ades Holding Wins SAR181 Million Jack-Up Rig Contract in Nigeria

Ades Holding (SASE:2382) secured a contract worth 180.7 million Saudi riyals from Belbop Nigeria to deliver its Main Pass IV standard jack-up rig.The one-year firm contract has an additional one-year unpriced option, according to a Wednesday release by the drilling services company. Rig operations will start in the third quarter.

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Asia Markets

Tadawul Shares Continue Winning Streak Amid Corporate Earnings Bonanza

Saudi Exchange-traded shares extended a winning streak on Monday as a busy earnings day pushed the Tadawul All Share Index 0.39% in the green.Amid a myriad of new earnings reports in Saudi Arabia, Ades Holding (SASE:2382), United Electronics Co. (SASE:4003), d/b/a eXtra, and Al Mawarid Manpower (SASE:1833) posted higher net profit and revenue for the first quarter of 2026.Polyethylene pipes and fittings manufacturer Alwasail Industrial (SASE:4148), however, logged a 62.439% decline in net profit and a 12.868% decrease in revenue for the three months ended March 31.Ades Holding, eXtra, and Al Mawarid Manpower all closed in the green at 0.88%, 0.75%, and 2.65%, while Alwasail Industrial ticked down 2.08%.In international news, US President Donald Trump rejected Iran's response to its peace proposal, in which it demands the lifting of the US blockade at the Strait of Hormuz, the release of frozen Iranian assets, among others."The oil market remains heavily headline-driven, with prices surging after President Trump rejected Iran's latest peace plan proposal. One would expect the market to become increasingly fatigued by the deluge of headlines and the back-and-forth. However, oil prices remain highly sensitive to noise around Iran, highlighting the significance of the ongoing supply disruptions in the Persian Gulf," ING said in a note.Back at home and on the corporate front, Perfect Presentation for Commercial Services Co. (SASE:7204), d/b/a 2P, closed 2.04% lower as it secured a contract to deliver managed services for Prince Sattam bin Abdulaziz University's IT infrastructure, among others.

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Research

Citi Boosts Ades Holding PT, Keeps Neutral Rating

Citi on Friday increased the price target for Saudi drilling services company Ades Holding (SASE:2382) to 20 Saudi riyals from 15.20 riyals, while keeping its neutral rating.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

SASE:2382
Equities

Ades Holding Bags Offshore Drilling Services Contract in Nigeria

Ades Holding (SASE:2382) signed a two-year agreement for the shelf drilling victory in Nigeria for 347.6 million Saudi riyals, which includes the share of its in-country partner.The deal with oil and gas company Seplat Energy Producing Nigeria includes two unpriced optional extension periods of one year each, according to a Sunday release. The Saudi drilling services company expects rig operations to start in the second half of 2026.

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Research

BSF Capital Upgrades Ades Holding to Buy, Boosts PT

BSF Capital on Wednesday raised oil and gas drilling company Ades Holding (SASE:2382) to buy from hold and increased its price target to 23.40 Saudi riyals from 18.30 riyals.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

SASE:2382
Equities

Ades Holding Inks Deal with Valeura Energy for Offshore Drilling in Thailand

Saudi drilling services company Ades Holding (SASE:2382) said Wednesday it signed a deal with Valeura Energy for offshore shelf drilling in Thailand.The three-year contract is valued at 345 million Saudi riyals, with operations expected to start in the fourth quarter.

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Research

Riyad Capital Downgrades Ades Holding to Neutral

Riyad Capital on Sunday downgraded Saudi oil and gas drilling company Ades Holding (SASE:2382) to neutral from buy, while keeping its price target at 21 Saudi riyals.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

SASE:2382
Equities

Riyad Capital Notes Ades Holding's 'Strong' Results; Rating Updated

Riyad Capital on Sunday updated its rating for Ades Holding (SASE:2382), noting the oil and gas drilling company's "strong" 2025 report and ongoing geographical diversification.Ades Holding logged a 27% year-on-year increase in its fourth-quarter 2025 sales to 1.99 billion Saudi riyals, in line with the research firm's forecast of 1.93 billion Saudi riyals. The company also recorded net profit of 221 million riyals, up 7% year over year and aligned with Riyad Capital's 210 million-riyal estimate.Analysts noted management comments on steady utilization rates, which remained at 98%, as the company continues to expand its geographical footprint. This diversification strategy is seen by the research firm as "significantly important" amid the current landscape."We remind investors that the acquisition of Shelf expanded ADES' rig count by 33, as well as the geographic exposure to West Africa, Norway, Denmark, the UK, and India (among others). These factors will produce noise in the financials for 1Q26. With growth in geographical exposure, which we note has deepened in Southeast Asia, West Africa, and Brazil, we highlight that in the uncertain energy market this adds to ADES' defensiveness. Despite lower [free cash flow to the firm] multiples (TTM) and a higher dividend, we downgrade the rating as the stock price has appreciated. We may revisit the rating with more visibility," the note said.As such, the stock's rating was changed to neutral, with a price target of 21 riyals. In a Nov. 10, 2025 note, Riyad Capital had a buy rating for the company.

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Research

CI Capital Holdings Boosts Ades Holding PT, Keeps Overweight Rating

CI Capital Holdings on Wednesday decreased the price target for Saudi drilling services company Ades Holding (SASE:2382) to 24.50 Saudi riyals from 18.00 riyals, while maintaining its overweight rating.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

SASE:2382
Asia Markets

Tadawul Shares Start Week Lower Amid Failed US-Iran Negotiations

The Tadawul All Share Index closed Sunday trading 0.25% lower amid market jitters as the US and Iran walked away from their discussions in Pakistan without coming to an agreement.The Iranian delegation cited the US' lack of trust in its "forward-looking initiatives" and "excessive demands" as some of the reasons why the talks failed."We consider every mirror to be another method of authority diplomacy, alongside military struggle, for upholding the rights of the Iranian nation, and we will not for a moment cease our efforts to consolidate the achievements of the forty days of Iran's national defense," Iran's Parliament Speaker Mohammad Baqer Qalibaf said in an X post.Further to this, Pakistan's Foreign Minister Ishaq Dar noted that it is "imperative" that both sides hold up their two-week ceasefire deal, which started on April 8.Back at home, Ades Holding (SASE:2382) shares closed 1.21% in the green as it secured a one-year extension to its premium jackup rig drilling contract with Chevron Nigeria.Meanwhile, Al Kuzama Trading (SASE:9636) is poised to take a 25% stake in Unique Food Catering Co. from its owner, Bandar Khalid Abu Saman. The restaurant chain operator will purchase the stake for 35 million Saudi riyals. Shares surged 8.91% at closing.

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Equities

Ades Holding Lands One-year Extension for Drilling Services in Nigeria

Oil and gas drilling company Ades Holding (SASE:2382) said Sunday that Chevron Nigeria extended its offshore drilling services contract by a year, adding 178 million Saudi riyals to the group's backlog.The existing drilling contract for its premium jackup rig shelf drilling scepter in Nigeria is due to expire in July. The extended contract includes an unpriced option for an additional year.

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