The Advanced Energy Systems company (ADES) has announced revenues of $157.6 million in 2017, a 17.5% year-on-year (Y.o.Y) increase from 2016, Offshore Energy Today reported.

The Egyptian company’s revenues increased by more than $23 million from the $134.1 million recorded in 2016.

Gross profits rose from $70.843 million in 2016 to $79.267 million in 2017, a 11.9% Y.o.Y increase, while net profits rose 17.3% Y.o.Y to $44.6 million, according to Proactive Investors.

ADES’s cash balance stood at $137.0 million, while its net debt recorded $75.5 million on December 31st, 2017.

“In line with our post-IPO growth strategy of scaling-up operations in existing and target markets, ADES will continue to leverage its demonstrated purchasing power and streamlined decision-making process to swiftly act on acquisition opportunities that meet our criteria for delivering long-term sustainable growth,” said Mohamed Farouk, CEO of ADES International.

“To expand the range of opportunities we are able to consider, the company is committed to putting in place the necessary debt arrangements to bolster our already strong cash position following the IPO,” Farouk pointed out.