Advanced Energy Systems (ADES Group) International Holding experienced an 11% drop in pretax profits during the first half of 2017 due to the costs associated with its initial public offering, reported Market Watch.

The company’s net profit fell to $17.3 million, a 6% year-on-year (y-o-y) decrease, due to a one-time, $4.6 expense incurred for its May 2017 IPO, according to Business Wire.

The company said that it would invest the $170 million it raised through its IPO in its projects in  Egypt, Saudi Arabia, and Algeria, as well as to explore new markets.

The devaluation of the Egyptian pound facilitated a rise in adjusted earnings before interest, tax, depreciation, and amortization (EBITDA). Adjusted EBITDA increased to $45 million, a 42.7% y-o-y increase, during the first half of 2017, compared to $31.6 million in the first 6 months of 2016.

Revenues rose to $87.8 million, a 45.6% y-o-y increase, due to high utilization of the company’s rigs, increased operations in Saudi Arabia, operations in Algeria, and the offering of Mobile Offshore Production Unit (MOPU) services.

During the first half of 2017, ADES was awarded a new contract for Admarine 88 by Belayim Petroleum Company (Petrobel) for a three-month drilling campaign. The company was also awarded Admarine VIII through a farm-in agreement with Fanar Petroleum Company.

ADES Group is the largest offshore drilling operator in Egypt by number of rigs. It also operates in Algeria and Saudi Arabia.