Saudi-based oil ‌drilling group ADES Holding beat analyst expectations with a 2 per cent rise in annual net profit and reiterated its strong growth forecast for this year despite some rig suspensions last year and recent halts due to the Iran war.

Turmoil stemming from the war has forced the temporary suspension of a "handful" of ADES' offshore rigs in the Gulf, but the company ⁠expects the offshore suspensions to be short-term and said its 2026 outlook is supported by improving fleet utilisation and its November acquisition of Norway's Shelf Drilling, reported Reuters.

It said it remained confident in its core earnings forecast flagged recently, which would mean a roughly 26-37 per cent rise in 2026 versus the SAR 3.55 billion ($946.11 million) in earnings before interest, taxes, depreciation and amortisation it reported on Monday for 2025.

The company noted its diversified international footprint, helped by the Shelf deal, provides resilience against the regional disruptions.

It reported a net profit of SAR 832.9 million in 2025, beating analysts' average estimate of SAR ‌803.46 ⁠million, according to LSEG data.

Full-year revenue rose 7.9 per cent to SAR 6.69 billion, though revenue in Saudi Arabia — accounting for 54 per cent of total sales — fell 12.8 per cent.

The company's net profit margin slipped to 12.5 per cent from 13.2 per cent in 2024, impacted by higher depreciation, interest expenses, and Shelf transaction costs.

ADES' onshore segment was hit by lower ⁠activity and temporary rig suspensions in Saudi Arabia last year. 

The company said it expects those operations to gradually resume in the first half of 2026 following recent resumption notices.

The board proposed a second-half cash dividend ⁠of 265 million riyals, bringing the 2025 total to SAR 496.2 million, a 3.4 per cent annual increase.