Ades Holding Q2 2026 profit drops 32% amid regional tensions

Ades Holding disclosed a significant 32% decline in its profit for the second quarter of 2026, totaling 129 million riyals. This decrease was attributed to the suspension of offshore drilling operations due to regional tensions, alongside one-off insurance expenses. Despite this downturn, the company's revenue surged by 36.4% year-on-year, reaching 2.15 billion riyals, driven by the acquisition of Shelf Drilling and its international market expansion.

The profit drop was also influenced by a 9.9% quarter-on-quarter decrease in its revenues for the second quarter of 2026. Operating profit for the period ended Q2 2026 stood at 534 million riyals, a 10% increase from 487 million riyals in the same period of the previous year. The company's net profit for the first half of 2026 was 365 million riyals, a 5% decrease compared to the same period in 2025.