‎Argaam CHARTS: Arabian Drilling vs. ADES post-earnings showdown

Arabian Drilling Co. (ADC) and ADES Holding Co. are key players in oil and gas exploration and drilling across the MENA and Asian regions.

ADES reporteda net income before exceptional items of SAR 905 million, while ADCpostedSAR 426.4 million.

ADES’s earnings per share amounted to approximately SAR 0.84 per share (equivalent to SAR 8.40 per share, given that ADES’s nominal value is SAR 1), while ADC’s earnings per share stood at SAR 4.79 per share in 2024.

ADES posted revenues of SAR 6.2 billion, while ADC’s revenues amounted to SAR 3.62 billion.

The price-to-earnings (P/E) ratio before exceptions for ADES stood at 20.77x, while the P/E ratio for Arabian Drilling was 23.3x.

ADES’s gross profit margin (GPM) hit approximately 38%, while GPM for ADC reached approximately 24%.

The book value of ADES shares reached SAR 5.75 by the end of 2024 (equivalent to SAR 57.50 after adjusting the nominal value to SAR 10), while the book value of ADC shares stood at SAR 66.72.

ADES’ net debt totaled SAR 11.2 billion by the end of 2024, while the net debt of ADC reached SAR 2.4 billion.

ADES reported total backlog of contracts of nearly SAR 28.3 billion by the end of 2024, while ADC logged about SAR 10.3 billion of total backlog of contracts by the end of Q3 2024.

ADES Holding primarily operates in Saudi Arabia, Kuwait, Qatar, and Egypt, whereas ADC focuses mainly on onshore platforms in Saudi Arabia. Additionally, ADC runs offshore platforms across the Middle East, North Africa, and Southeast Asia.

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By the end of Q4 2024, ADES owned 91 rigs, including 48 jack-up rigs (mobile offshore drilling units) and 31 onshore tower rigs. The remainder are distributed among temporarily parked and unutilized rigs.

By the end of Q3 2024, ADC owned a total of 57 rigs, including 41 operational onshore rigs, eight operational offshore rigs, and eight temporary idle rigs.

Arabian Drilling Co. (ADC) and ADES Holding Co. are key players in oil and gas exploration and drilling across the MENA and Asian regions.

ADES reporteda net income before exceptional items of SAR 905 million, while ADCpostedSAR 426.4 million.

ADES’s earnings per share amounted to approximately SAR 0.84 per share (equivalent to SAR 8.40 per share, given that ADES’s nominal value is SAR 1), while ADC’s earnings per share stood at SAR 4.79 per share in 2024.

ADES posted revenues of SAR 6.2 billion, while ADC’s revenues amounted to SAR 3.62 billion.

The price-to-earnings (P/E) ratio before exceptions for ADES stood at 20.77x, while the P/E ratio for Arabian Drilling was 23.3x.

ADES’s gross profit margin (GPM) hit approximately 38%, while GPM for ADC reached approximately 24%.

The book value of ADES shares reached SAR 5.75 by the end of 2024 (equivalent to SAR 57.50 after adjusting the nominal value to SAR 10), while the book value of ADC shares stood at SAR 66.72.

ADES’ net debt totaled SAR 11.2 billion by the end of 2024, while the net debt of ADC reached SAR 2.4 billion.

ADES reported total backlog of contracts of nearly SAR 28.3 billion by the end of 2024, while ADC logged about SAR 10.3 billion of total backlog of contracts by the end of Q3 2024.

ADES Holding primarily operates in Saudi Arabia, Kuwait, Qatar, and Egypt, whereas ADC focuses mainly on onshore platforms in Saudi Arabia. Additionally, ADC runs offshore platforms across the Middle East, North Africa, and Southeast Asia.

By the end of Q4 2024, ADES owned 91 rigs, including 48 jack-up rigs (mobile offshore drilling units) and 31 onshore tower rigs. The remainder are distributed among temporarily parked and unutilized rigs.

By the end of Q3 2024, ADC owned a total of 57 rigs, including 41 operational onshore rigs, eight operational offshore rigs, and eight temporary idle rigs.