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SASE:2382

33 stories mentioning SASE:2382Updated 18d ago

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Equities

United Securities Tweaks Ades Holding Price Target Post-Q2 Results

United Securities LLC updated its price target for Ades Holding (SASE:2382) as it took note of the company's second-quarter performance."ADES reported weaker-than-expected results, impacted by volatility arising from the ongoing regional conflict. The impact was further accentuated by relatively lower margins following the Shelf Drilling acquisition and higher finance costs," analysts said Wednesday. "We view positively management's reiteration of its 2026 EBITDA guidance of SAR 4.5-4.87 bn, while the strong order book of SAR 34.7 bn continues to provide good revenue visibility. Nevertheless, we have moderated our near-term estimates and reduced our target price to SAR 20 per share and maintain our Hold rating."During the three-month period, Ades Holding's net income decreased 31.9% year over year to 129 million Saudi riyals, which United Securities analysts said was "substantially below" their estimate of 211 million riyals. On the flip side, revenue rose 36.4% annually to 2.2 billion riyals, missing the research firm's forecast by 5.5%.

SASE:2382
Research

Arqaam Capital Raises Ades Holding PT, Maintains Buy Rating

Arqaam Capital on Monday raised the price target for drilling services company Ades Holding (SASE:2382) to 23.50 Saudi riyals from 21 riyals, while maintaining the rating at buy.

SASE:2382
Equities

Riyad Capital Tweaks Ades Holding Price Target After Q2 Results

Riyad Capital marginally trimmed its price target on Ades Holding (SASE:2382) to 20 Saudi riyals following the company's second-quarter earnings, according to a Monday note.For the second quarter, the oil and gas drilling services company logged a 36% annual increase in revenue to 2.15 billion riyals, which was "broadly in line" with Riyad Capital's estimate of 2.3 billion riyals. Net profit declined 32% year over year to 129 million riyals, which missed the research firm's 209 million-riyal forecast."The deviation is mostly driven by gross profit, SAR 116 mln below our forecast as margins fell to 34% (vs. our 37%). Net debt is up from 4Q25 and materially higher Y/Y following the borrowings assumed with Shelf Drilling, and now with the pending Saipem acquisition (USD 285 mln), also likely debt-funded (on completion in 3Q26), we expect it to rise further," analysts said. "ADES received resumption notices for all of its temporarily suspended offshore rigs in Saudi Arabia on 11 August (Tadawul), which increases our optimism, though higher finance costs and insurance uncertainty temper this."

SASE:2382
Equities

Ades Holding's Offshore Rigs in Saudi Arabia Cleared to Resume Operations

Ades Holding Co. (SASE:2382) on Tuesday said all of its temporarily suspended offshore rigs in Saudi Arabia have been cleared to restart operations.The resumption comes on the back of the easing regional conflict and ongoing demand strength, the Saudi Arabia-listed oil and gas drilling services company said.Ades noted that its rigs in Qatar have recommenced full operations.

SASE:2382
Asia Markets

Tadawul Equities End Monday Higher Amid Earnings Buzz; Saudi's June Industrial Production Declines

The Tadawul All Share Index closed Monday 0.26% in the green, supported by the latest round of Saudi corporate earnings, as well as the optimism regarding the prospect of the Strait of Hormuz's reopening.An undisclosed US official said that Iran and Oman were set to conclude the deal that would potentially reopen the Strait of Hormuz. The agreement would reportedly set up new shipping lanes in the Strait, Reuters reported.Iranian Foreign Minister Abbas Araqchi, meanwhile, said that the reopening of the waterway is subject to conditions, such as the US paying compensation and ending maritime blockades, among others.Back at home, official preliminary data from the General Authority for Statistics showed that the kingdom's industrial production index dropped 16.3% year over year in June. Month over month, industrial production ticked up 4.3%.Meanwhile, earnings season is still in full swing as both Marble Design Co. (SASE:9575) and Nofoth Food Products (SASE:2288) logged lower net profit and revenue for the six months ended June 30. Ades Holding (SASE:2382) reported mixed results in the first half as its attributable net profit decreased year over year, while revenue increased.Marble Design and Nofoth Food Products closed 2.93% and 0.98% in the red, respectively. Ades, on the other hand, edged up 0.11%."Financially, the Group delivered strong year-over-year growth during the first half, with revenues increasing by 49.0% and EBITDA rising by 29.2%, despite the temporary suspensions that weighed more significantly on second-quarter performance. The resilience of our diversified international platform helped offset these pressures, supported by strong contributions across key offshore markets and the continued growth of our production model in Egypt's brownfields," Ades' Chief Executive Officer Mohamed Farouk said in its report.In other news, Banan Real Estate (SASE:4324) shares closed 0.33% lower as its Emaar Al-Wasil Al-Motamayezah unit purchased a land plot in Riyadh for 43.4 million Saudi riyals. The land plot will be used for development and future leasing.

^TASISASE:2288SASE:2382SASE:4324SASE:9575
Equities

Update: Ades Holding Posts Lower H1 Attributable Net Profit; Revenue Rises

(Updates to add dividend information)Ades Holding (SASE:2382) said Monday that its net profit for the first half declined, while revenue rose year over year.Net profit attributable to shareholders of the issuer for the six months ended June 30 was 365 million Saudi riyals, compared with 382.8 million riyals a year ago. EPS moved to 0.33 riyal from 0.35 riyal.The Saudi Arabia-listed drilling services company's revenue was 4.54 billion riyals, compared with 3.05 billion riyals previously.Meanwhile, the board declared a dividend of 0.20 riyal per share for the interim period, payable Sept. 9 to shareholders on record Aug. 25. It paid 0.21 riyal per share in the year-ago period.

SASE:2382
Equities

Ades Holding Posts Lower H1 Attributable Net Profit; Revenue Rises

Ades Holding (SASE:2382) said Monday that its net profit for the first half declined, while revenue rose year over year.Net profit attributable to shareholders of the issuer for the six months ended June 30 was 365 million Saudi riyals, compared with 382.8 million riyals a year ago. EPS moved to 0.33 riyal from 0.35 riyal.The Saudi Arabia-listed drilling services company's revenue was 4.54 billion riyals, compared with 3.05 billion riyals previously.

SASE:2382
Equities

Morgan Stanley Affirms Ades Holding at Overweight, Lifts PT

Morgan Stanley on Sunday increased the price target for drilling services company Ades Holding (SASE:2382) to 25 Saudi riyals from 24.50 riyals, while maintaining its overweight rating.

SASE:2382
Asia Markets

Tadawul Shares End Week Higher; Ades Holding Ticks Down

The Tadawul All Share Index ended the week higher at 0.15% in the green as the latest geopolitical updates between the US and Iran again took center stage on Thursday.The US launched a wave of attacks on Iran, while also reimposing its naval blockade on the Middle Eastern country's ports. The attacks focused on Iranian bases in the south.Further to this, Iran also sent out attacks on US bases in Kuwait and Jordan. The country warned that if the US continued its attacks, it would launch attacks that would encompass the Gulf region's infrastructure. The escalation raised concerns about another potential oil supply disruption."The US carried out additional strikes against Iran. There are also media reports that the US is considering increasing military operations. Iran, meanwhile, said it has no plans to talk. The rapid deterioration is having a meaningful impact on vessel flows from the Persian Gulf," ING said in a note. "The concern is that renewed oil supply disruptions come amid the large inventory drawdowns through the second quarter, leaving the market more vulnerable. In addition, global SPR releases, which have helped the market out over recent months, are set to end in the next few weeks."Back at home and on the corporate front, Ades Holding (SASE:2382) secured two offshore drilling contracts that will deploy its Shelf Drilling Odyssey and Fortress jackup rigs. Shares of the drilling services company closed 1.33% lower.Meanwhile, Saudi Arabian Oil Co. (SASE:2222), d/b/a Saudi Aramco, shares ticked up 0.15% at closing as it awarded an integrated stimulation and completion services contract to energy products and services company Halliburton.

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Equities

Ades Holding Wins Offshore Drilling Services Contract from Seplat Energy Unit

Ades Holding (SASE:2382) secured an offshore drilling services contract from Seplat Energy (SEPL.L) unit Seplat Energy Producing Nigeria.The drilling services company will carry out work through its Shelf Drilling Odyssey jackup rig, starting from the first quarter of 2027, according to a Thursday release.The contract entails mobilization and demobilization fees of 375.3 million Saudi riyals for the two-year firm period. It also offers two extension options for one year each.

SASE:2382$SEPL.L
Equities

Ades Wins SAR483 Million Offshore Drilling Services Contract in UK North Sea

Ades Holding (SASE:2382) said Thursday it secured a 483 million-Saudi-riyal contract to provide offshore drilling services to Neo Next+ Energy E&P UK.The drilling services company will deploy its Fortress jack-up rig in the UK North Sea, with operations scheduled to start in the fourth quarter.The contract covers two firm wells with a minimum duration of 550 days, alongside two optional one-well extensions with a minimum duration of 275 days each.

SASE:2382
Research

HSBC Lifts Ades Holding's PT, Keeps at Reduce

HSBC on Thursday raised the price target for drilling services company Ades Holding (SASE:2382) to 13.80 Saudi riyals from 13.60 riyals and affirmed its rating at reduce.

SASE:2382
Asia Markets

Tadawul Equities End Lower Ahead of Saudi's April Exports, Import Data

The Tadawul All Share Index closed on Wednesday at 0.25% in the red ahead of the kingdom's latest export and import numbers on Thursday.Aside from the local economic releases, market watchers will also tune in to the US' final GDP growth rate data for the first quarter, as well as the progress of the final US-Iran peace deal.US President Donald Trump said in a Truth Social post that Iran agreed to "infinity" nuclear inspections. However, the Middle Eastern nation denied that it raised its nuclear program during its discussions on Monday. The statements raised concerns regarding the peace deal and its effect on energy prices."A potential peace deal between the United States and Iran paves the way for lower energy prices over the next 12-18 months, once constraints on global trade and supply ease. However, near-term risks remain. While the overall trajectory for oil prices is lower, ongoing risks and delays in restoring supply conditions will likely keep prices above pre-war levels in the coming months," Wells Fargo Investment Institute said in a note.Back at home, Ades Holding (SASE:2382) shares ticked up 2.53% as its Ades Saudi Ltd. subsidiary agreed to buy Saudi Arabian Saipem Ltd. from Saipem International for $285 million.Meanwhile, the board of Takween Advanced Industries (SASE:1201) proposed to reduce its capital to 245.3 million Saudi riyals to optimize its capital structure via offsetting accumulated losses. Shares of the plastics packaging and non-woven fabric company closed 0.40% in the green.

^TASISASE:1201SASE:2382
Equities

Saipem to Sell Saudi Arabian Saipem Stake to Ades Holding Unit for $285 Million

Saipem (SPM.MI) said Wednesday it agreed to sell its stake in offshore drilling operator Saudi Arabian Saipem to drilling services provider Ades Holding (SASE:2382) unit Ades Saudi for $285 million.The deal includes five operational premium jack-up rigs, with four currently operating in Saudi Arabia and one in Mexico. Closing is expected by the third quarter, subject to customary requirements and regulatory approvals.Italian engineering and construction group Saipem plans to enter a bareboat charter deal with Ades to continue the operations of the Perro Negro 10 rig in Mexico following deal completion.

SASE:2382$SPM.MI
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.

SASE:2382
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.

SASE:2382
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.

SASE:2382
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.

SASE:2382
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.

SASE:2382
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.

^TASISASE:2382SASE:9514

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