Good utilisation rates on its oil rigs helped ADES International PLC (LON:ADES) lift first half revenue by almost 46%
The Egypt-based driller, which joined London’s main market in May, reported revenues of US$87.8mln in the half year to June.
A ramp-up of operations in the Kingdom of Saudi Arabia (KSA), the start of drilling by ADES 3 in Algeria and the introduction of Mobile Offshore Production Unit (MOPU) services all helped boost income it said.
Most of ADES revenue stems from Egypt and a boost from the devaluation of the Egyptian pound lifted underlying profits [adjusted EBITDA] to US$45mln (US$31.6mln).
Listing in London cost US$4.6mln, which meant net profit dropped 6.0% to US$17.3mln. Cash balances were US$163.5mln with net debt of US$65.6mln.
Orders on the books were worth US$430mln and management said a number of these tenders should close during the second half with revenues in 2018.
The second half’s performance will be similar to the first half.
Mohamed Farouk, chief executive, added: “Our sustained operational performance and exemplary safety performance with an RIFR of 0.45 has allowed us to deliver strong financial results and stands as a testament to the success of our business model.
“Our revenue grew by 46% year-on-year while maintaining our standard low-cost base, resulting in an EBITDA margin of 51% highlighting the continued activity in development and production operations in the geographies in which we operate.”