Saudi oil driller ADES beats profit expectations, keeps growth forecast despite Iran war

ADES Holding reported annual net profit up 2% year-on-year, beating analyst expectations and reiterated a strong growth forecast for the year. Management noted some rig suspensions last year and recent operational halts related to the Iran war, indicating resilience but ongoing geopolitical risk that could limit near-term upside.

Analysis

ADES Holding reported annual net profit up 2% year-on-year, beating analyst expectations and reiterated a strong growth forecast for the year. Management noted some rig suspensions last year and recent operational halts related to the Iran war, indicating resilience but ongoing geopolitical risk that could limit near-term upside.