ADES Holding’s jack-up rig
United Securities released a report on ADES Holding Co., stating that the company’s Q3 2025 revenue of SAR 1.7 billion surpassed its forecast by 4.2%. 
ADES Holding delivered a pressured set of results, with financial performance weighed down by weaker onshore operations alongside higher depreciation and financing costs.
Revenue outperformed expectations, but the overall quarterly performance reflected softer operational momentum in the onshore segment, United Securities noted.
The research firm highlighted that the broader industry environment is shifting following OPEC’s decision to reverse production cuts. This has already been reflected in a notice from Saudi Arabia to resume activity on one offshore rig and several onshore rigs that were previously suspended, supporting expectations for an operational recovery in 2026.
United Securities pointed to ADES Holding’ strong order backlog of SAR 28.3 billion, with a weighted average execution period exceeding five years, providing clear visibility on revenue growth.
The anticipated resumption of activity in Saudi Arabia is also expected to underpin profitability recovery over the coming years.
The firm expects ADES Holding to post a net profit of SAR 772 million in 2025, rising to SAR 957 million in 2026.
United Securities raised its target price (TP) for ADES Holding to SAR 17/share while maintaining its “Neutral” rating, reflecting an improving operating backdrop.
United Securities -ADES 30/11/2025
ADES Holding’s jack-up rig
United Securities released a report on ADES Holding Co., stating that the company’s Q3 2025 revenue of SAR 1.7 billion surpassed its forecast by 4.2%.
ADES Holding delivered a pressured set of results, with financial performance weighed down by weaker onshore operations alongside higher depreciation and financing costs.
Revenue outperformed expectations, but the overall quarterly performance reflected softer operational momentum in the onshore segment, United Securities noted.
The research firm highlighted that the broader industry environment is shifting following OPEC’s decision to reverse production cuts. This has already been reflected in a notice from Saudi Arabia to resume activity on one offshore rig and several onshore rigs that were previously suspended, supporting expectations for an operational recovery in 2026.
United Securities pointed to ADES Holding’ strong order backlog of SAR 28.3 billion, with a weighted average execution period exceeding five years, providing clear visibility on revenue growth.
The anticipated resumption of activity in Saudi Arabia is also expected to underpin profitability recovery over the coming years.
The firm expects ADES Holding to post a net profit of SAR 772 million in 2025, rising to SAR 957 million in 2026.
United Securities raised its target price (TP) for ADES Holding to SAR 17/share while maintaining its “Neutral” rating, reflecting an improving operating backdrop.
