A 
ADES Holding Company Listed JSC 2382.SR · SAR
Energy · Energy Equipment & Services · Tadawul · 🇸🇦 Saudi Arabia
8.49
-0.12%
Close of 9 Nov 2026, in SAR
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At a glance
Figures in SAR, from our data supplier.
Revenue
SAR 6.69bn
FY2016FY2025
Net income
SAR 818.0m
FY2016FY2025
Free cash flow
SAR 263.5m
FY2016FY2025
Shareholders' equity
SAR 6.78bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | SAR 6.69bn | SAR 6.20bn | SAR 4.33bn | SAR 2.47bn | SAR 1.51bn | SAR 1.70bn | SAR 1.79bn | SAR 771.1m | SAR 591.0m | SAR 503.2m |
| Gross profit | SAR 2.47bn | SAR 2.36bn | SAR 1.71bn | SAR 873.8m | SAR 515.9m | SAR 596.6m | SAR 719.4m | SAR 367.5m | SAR 297.3m | SAR 265.8m |
| Operating income | SAR 1.98bn | SAR 1.78bn | SAR 1.28bn | SAR 332.8m | SAR 106.4m | SAR 409.8m | SAR 496.9m | SAR 265.8m | SAR 218.9m | SAR 192.8m |
| Net income | SAR 818.0m | SAR 802.5m | SAR 442.1m | SAR 390.4m | SAR 107.8m | SAR 73.6m | SAR 107.4m | SAR 273.4m | SAR 167.2m | SAR 142.6m |
| Diluted earnings per share | 0.74 | 0.73 | 0.40 | 0.46 | 0.13 | 1.78 | 2.45 | 6.24 | 3.96 | 4.47 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | SAR 31.41bn | SAR 21.63bn | SAR 19.42bn | SAR 14.50bn | SAR 6.69bn | SAR 5.19bn | SAR 5.37bn | SAR 4.07bn | SAR 2.20bn | SAR 1.50bn |
| Cash and short-term investments | SAR 2.46bn | SAR 847.1m | SAR 432.3m | SAR 190.8m | SAR 232.9m | SAR 234.3m | SAR 448.7m | SAR 491.0m | SAR 513.7m | SAR 19.5m |
| Total liabilities | SAR 24.60bn | SAR 15.09bn | SAR 13.65bn | SAR 12.24bn | SAR 4.77bn | SAR 3.49bn | SAR 3.67bn | SAR 2.49bn | SAR 1.01bn | SAR 1.10bn |
| Debt | SAR 20.47bn | SAR 12.57bn | SAR 10.99bn | SAR 10.93bn | SAR 4.10bn | SAR 2.73bn | SAR 367.6m | SAR 177.7m | SAR 216.7m | SAR 172.4m |
| Shareholders' equity | SAR 6.78bn | SAR 6.49bn | SAR 5.75bn | SAR 2.22bn | SAR 1.89bn | SAR 1.67bn | SAR 1.66bn | SAR 1.55bn | SAR 1.19bn | SAR 393.6m |
| Shares outstanding | 1,103m | 1,100m | 1,095m | 858m | 858m | 41m | 44m | 44m | 42m | 32m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | SAR 2.10bn | SAR 3.00bn | SAR 1.41bn | SAR 792.9m | SAR 69.8m | SAR 404.7m | SAR 645.1m | SAR 192.1m | SAR 183.8m | SAR 132.3m |
| Capital spending | −SAR 1.84bn | −SAR 2.38bn | −SAR 4.05bn | −SAR 3.92bn | −SAR 355.1m | −SAR 441.2m | −SAR 672.7m | −SAR 351.4m | −SAR 198.6m | −SAR 503.4m |
| Free cash flow | SAR 263.5m | SAR 623.7m | −SAR 2.64bn | −SAR 3.13bn | −SAR 285.3m | −SAR 36.5m | −SAR 27.6m | −SAR 159.4m | −SAR 14.8m | −SAR 371.1m |
| Dividends paid | −SAR 473.4m | −SAR 237.5m | −SAR 6.8m | — | — | — | — | — | — | −SAR 50.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | SAR 2.15bn | SAR 2.39bn | SAR 1.99bn | SAR 1.65bn | SAR 1.58bn | SAR 1.47bn | SAR 1.57bn | SAR 1.57bn |
| Gross profit | SAR 1.21bn | SAR 1.35bn | SAR 739.1m | SAR 600.7m | SAR 592.8m | SAR 590.2m | SAR 566.8m | SAR 615.5m |
| Operating income | SAR 519.7m | SAR 662.9m | SAR 573.4m | SAR 445.9m | SAR 470.2m | SAR 463.9m | SAR 468.2m | SAR 513.0m |
| Net income | SAR 128.5m | SAR 236.4m | SAR 220.7m | SAR 214.6m | SAR 188.6m | SAR 194.2m | SAR 207.1m | SAR 199.6m |
| Diluted earnings per share | 0.12 | 0.21 | 0.20 | 0.19 | 0.17 | 0.18 | 0.19 | 0.18 |
| Cash from operations | SAR 736.0m | SAR 760.0m | SAR 700.0m | SAR 653.0m | SAR 535.0m | SAR 625.0m | SAR 973.0m | SAR 156.0m |
| Capital spending | −SAR 441.0m | −SAR 363.0m | −SAR 460.0m | −SAR 428.0m | −SAR 491.0m | −SAR 457.0m | −SAR 552.0m | −SAR 348.0m |
| Free cash flow | SAR 295.0m | SAR 397.0m | SAR 240.0m | SAR 225.0m | SAR 44.0m | SAR 168.0m | SAR 421.0m | −SAR 192.0m |
| Total assets | SAR 31.68bn | SAR 31.65bn | SAR 31.41bn | SAR 22.64bn | SAR 22.30bn | SAR 21.33bn | SAR 21.63bn | SAR 21.06bn |
| Cash and short-term investments | — | — | SAR 2.46bn | SAR 1.35bn | SAR 886.3m | SAR 394.4m | SAR 847.1m | SAR 982.8m |
| Debt | SAR 18.18bn | SAR 17.73bn | SAR 20.47bn | SAR 1.60bn | SAR 12.70bn | SAR 11.88bn | SAR 12.22bn | SAR 9.26bn |
| Shareholders' equity | SAR 6.91bn | SAR 6.77bn | SAR 6.78bn | SAR 6.59bn | SAR 6.59bn | SAR 6.42bn | SAR 6.49bn | SAR 6.19bn |
Financial ratios
Data as of 27 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 36.9% | 38.1% | 39.5% | 35.4% | 34.1% | 35.2% | — |
| Operating margin | 29.6% | 28.8% | 29.7% | 30.6% | 28.4% | 22.6% | — |
| Net margin | 12.2% | 12.9% | 10.2% | 15.8% | 7.1% | 4.3% | — |
| Return on equity | 12.1% | 12.4% | 7.7% | 17.6% | 5.7% | 4.4% | — |
| Return on assets | 2.6% | 3.7% | 2.3% | 2.7% | 1.6% | 1.4% | — |
| Free cash flow yield | 21.8% | 29.8% | 30.4% | 33.5% | — | 124.9% | 183.7% |
| Revenue growth | 7.9% | 43.1% | 75.6% | 62.9% | -10.7% | -5.4% | — |
| Earnings growth | 1.9% | 81.5% | 13.2% | 262.2% | 46.5% | -31.5% | — |
| Current ratio | 1.08x | 1.07x | 0.75x | 0.78x | 1.18x | 1.13x | — |
| Debt to equity | 3.02x | 1.88x | 1.83x | 0.49x | 0.23x | 0.22x | — |
| Equity ratio | 21.6% | 30.0% | 29.6% | 15.3% | 28.3% | 32.1% | — |
| Interest coverage | 2.04x | 2.05x | 1.70x | 2.49x | 1.53x | 1.77x | — |
| Buybacks as a share of market value | -0.3% | -0.4% | -27.6% | -1976.4% | — | 5.6% | 0.1% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 39.4% | 31.6% | 33.2% |
| Operating income | 81.2% | 37.0% | 33.7% |
| Net income | 28.0% | 61.9% | 23.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 37.5% | 37.6% | 37.2% | 38.5% |
| Operating margin | 29.2% | 27.3% | 25.8% | 26.7% |
| Net margin | 12.6% | 12.5% | 11.5% | 12.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Price to earnings | 11.8 | 11.9 | 29.7 |
| Price to sales | 1.4 | 1.5 | 3.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 2 years. Last went ex-dividend on 26 Aug 2026.
| FY2026 | FY2025 | FY2024 | |
|---|---|---|---|
| Paid in the year | 0.22 | 0.215 | 0.108 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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