Ades Holding Q2 2026 profit drops 32% amid regional tensions

Ades Holding has reported a decline in its net profit to 129 million riyals (SAR) for the second quarter of 2026, down from 189 million riyals in the same period last year, marking a 32% decrease.

The company attributed the drop primarily to the temporary suspension of several offshore drilling operations due to regional conflict, as well as one-off insurance expenses.

Despite these challenges, group revenues rose by 36.4% year-on-year to 2.15 billion riyals, supported by the acquisition of Shelf Drilling and expansion into international markets, even as the temporary suspension continued to impact second-quarter results.

Operational results and half-year developments

The company also noted that the profit decline was linked to a 9.9% quarter-on-quarter decrease in second-quarter 2026 revenues, reflecting ongoing regional tensions.

Ades Holding's operating profit reached 534 million riyals by the end of Q2 2026, up 10% from 487 million riyals in the same period of 2025.

Net profit for the first half of 2026 stood at 365 million riyals, compared to 383 million riyals in the first half of 2025, representing a 5% decrease.