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ADES HOLDING-
Tadawul-listed oil and gas drilling company Ades Holding’s net income rose 13.7% y-o-y to SAR 452.1 mn in 2023, it said in an earnings release (pdf) yesterday. Its revenues were up 75.6% y-o-y to SAR 4.3 bn over the same period. On a quarterly basis, the Egypt-born company’s bottomline fell 24% y-o-y to SAR 169 mn in 4Q 2023, while its topline was up 59.5% y-o-y to SAR 1.3 bn over the same period, according to data seen by Argaam.
Deep dive: Ades attributed its topline growth to a completed acquisition in Saudi in 4Q 2022 that added four operations rigs to its portfolio and the launch of 14 rigs from the 19 contracts signed with Aramco among other drivers. The growth in bottomline came on the back of SAR 140.7 mn in non-recurring expenses and non-cash income recognized during FY 2022.
Its operations in Algeria saw the biggest growth last year, with its revenues from the North African country rising 175.9% y-o-y to SAR 70.5 mn. This comes on the back of contributions from two new rigs from a recent contract award and higher utilization rates, it said. Revenues from Egypt’s operations grew 56.6% y-o-y to SAR 534.9 mn in 2023.
TASNEE-
National Industrialization Co. (Tasnee)’s net income fell 73.8% y-o-y to SAR 174.6 mn in 2023, while revenues decreased 8.1% y-o-y to SAR 3.6 bn over the same period, it said in a disclosure to Tadawul. The industrial company attributed the drop in its net income to lower sales and income share from investments in joint ventures. It said its revenues came in lower during the year due to average selling prices despite higher sales volumes of most of its products.
A look at Q4: On a quarterly basis, Tasnee turned to losses in Q4 2023 to SAR 17 mn from a net income of SAR 43.1 mn in the corresponding quarter a year earlier. Its revenues were up 1.9% y-o-y during the period to SAR 957.1 mn, according to data seen by Argaam.
SAPTCO-
Public bus operator Saptco trimmed net losses by 74.9% y-o-y to SAR 24.2 mn in 2023, while its revenues were up 19% y-o-y during the year to SAR 1.6 bn, it said in a disclosure to Tadaqwul yesterday. It attributed the decrease in losses during the period to higher revenues and an increase in financing income among others from an increase in operations in Ramadan and Hajj. On a quarterly basis, it lowered its losses by 23% y-o-y in Q4 2023 to SAR 71.9 mn, while its revenues were up 4.3% y-o-y to SAR 372.2 mn over the same period, according to data seen by Argaam.
ALSO- Saptco’s BoD approved setting up a training subsidiary that will be wholly owned by the company, according to a separate disclosure to Tadawul yesterday.
CLEAN LIFE-
Cleaning services provider Clean Life’s net income rose by 11.3% y-o-y to SAR 9.2 mn in 2023, while revenues rose 48.5% y-o-y to SAR 49.3 mn over the same period, it said in a disclosure to Tadawul. The rise in revenues came due to increases in sales capacity on the back of rising efficiency through automation and follow-up procedures. Its board of directors have proposed a dividend payout of SAR 30 mn at SAR 2 per share for 2H 2023, it said in a separate disclosure to Tadawul.
