Saudi Arabia: Oil drilling firm ADES Holding Co. reported a net profit of SR818.01 million ($218.07 million) in 2025, representing a 1.93 percent rise compared to the previous year.

In a Tadawul statement, the company attributed the rise in net profit to a 7.9 percent year-on-year increase in its revenues, which stood at SR6.68 billion, underscoring the firm’s operational excellence across its core markets, alongside the initial contributions from recently entered geographies and the acquisition of Shelf Drilling.

That deal, completed in November through a cash merger, brought together a combined fleet of 83 offshore units, including 46 premium units, and 40 onshore rigs, currently operating across 19 nations, up from 13 previously.

ADES results come as the Gulf’s oil industry faces major disruption due to the US and Israel confilict with Iran, with hostilities leading the company to temporarily suspend operations at several Gulf Cooperation Council rigs.

Reflecting on the results, Mohamed Farouk, CEO of ADES Holding, said: “We are pleased with the strong performance delivered in 2025 as ADES continued to execute its strategy with discipline, resilience, and operational excellence across our global platform.”

According to the statement, the company’s gross profit stood at SR2.55 billion in 2025, representing a 7.44 percent increase compared to the previous year, while the operational profit rose to SR2.04 billion, up 5.84 percent during the same period.

Total shareholders’ equity, excluding minority interest, stood at SR6.78 billion by the end of 2025, compared to SR6.49 billion a year earlier.

“Our backlog reached a record SR34.71 billion, the highest level in ADES’ history, providing multi-year revenue visibility and reinforcing the durability of our cash flow profile. This milestone reflects a combination of renewals, new awards, strategic redeployments across our footprint and the Shelf Drilling acquisition,” added Farouk.

In a separate statement, ADES said that its board of directors decided to pay a cash dividend of SR0.24 per share, or 24 percent of capital, for the second half of 2025, amounting to SR264.99 million.

Commenting on the ongoing conflict in Iran, Farouk said that the war has introduced heightened uncertainty across global energy markets.

“A handful of the Group’s offshore rigs in the GCC region have recently been subject to temporary suspensions due to ongoing regional tensions. Based on the information currently available, we believe these suspensions are short-term in nature,” said Farouk.