(Alliance News) - ADES International Holding Ltd said Friday its expectations for 2019 remained unchanged, following a strong third quarter.
For the three months to the end of September, the Middle East & North Africa-focused oil & gas services provider reported revenue of USD121.8 million, more than doubled from USD47 million a year before.
For the nine-month period, revenue also more than doubled to USD341.7 million from USD127 million.
Profit margins in the quarter were in line with the first half, while the year-to-date utilisation rate improved to 95% from 83% the prior year.
ADES International's cash & cash equivalents as at September 30 was USD112 million, with net debt of USD616.9 million.
"ADES' year-to-date performance remains in line with the trends witnessed during the first half of the year. Thanks to optimal utilisation rates and the growing contribution of recently acquired rigs, we continue to deliver significant top-line growth. Our expectations for 2019 are unchanged," said Chief Executive Officer Mohamed Farouk.
"Overall, I am very pleased with the progress we are making against our strategic objectives and expect the benefits of the recent acquisitions to be more clearly reflected in 2020 as we continue to work towards realizing synergies. ADES is well-positioned to meet future growth opportunities and generate ever greater value for shareholders," Farouk added.
Shares in ADES International - which is headquartered in Dubai - were up 2.1% at USD12.40 on Friday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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