Home UAE Abu Dhabi AD Ports Group marks Q3 performance with net profit of Dhs445m AD Ports Group reported a revenue of Dhs4.66bn, up 10 per cent year-on-year, for the third quarter of the year by Gulf Business November 12, 2024 image: AD Ports Group AD Ports Group has announced robust growth in revenue and net profit in Q3 2024, driven by exceptional growth across its key business units. For the quarter, AD Ports Group posted Dhs4.66bn in revenue, marking a 10 per cent year-on-year increase, and net profit of Dhs445m, up 11 per cent from the previous year. Additionally, the group reported free cash flow positivity for the first time since listing, underscoring its robust financial trajectory and operational efficiency. The group’s earnings were bolstered by double-digit like-for-like revenue and its earnings before interest, taxes, depreciation and amortisation (EBITDA) growth in its Ports, Economic Cities & Free Zones (EC&FZ), Maritime & Shipping, and Logistics businesses. EBITDA surged to Dhs1.21bn for Q3, representing a 60 per cent year-on-year increase and a nearly 100 per cent cash conversion rate. According to Martin Aarup, Group CFO, “Our disciplined approach to capital expenditure and strong cash conversion rate continues to drive our profitable growth.” Total assets for the company grew 22 per cent year-on-year to Dhs63.7bn, with total equity rising by 21 per cent to Dhs28.01bn. As of Q3, AD Ports’ net debt-to-EBITDA ratio stands at 3.5, highlighting a stable capital structure aligned with its growth strategies. In Q3 2024 alone, the group achieved significant operational milestones, including record performance at its flagship Khalifa Port and notable contributions from recent acquisitions in Europe, Egypt, and Pakistan. Captain Mohamed Juma Al Shamisi, managing director and group CEO, remarked, “These results reflect the strong foundation of our core businesses and the successful execution of AD Ports Group’s international expansion strategy, which is focused on prudent, sustainable growth.” AD Ports Group’s nine-month performance The company also reported a strong performance for the first nine months (January-September) of the year, with revenue surging to Dhs12.7bn — a 57 per cent increase compared to the same period in 2023. This impressive growth reflects robust contributions across its diverse business clusters, particularly in Ports, Economic Cities & Free Zones (EC&FZ), Maritime & Shipping, and Logistics. EBITDA also rose significantly to Dhs3.3bn up 55 per cent year-over-year, indicating effective operational efficiencies and strong cash flow management, highlighted by nearly 100 per cent cash conversion rates. With net profit for the period reaching Dhs1.3bn, an increase of 19 per cent compared to 2023, AD Ports attributes this success to disciplined capital expenditure, record throughput at Khalifa Port, and strategic international acquisitions that have further strengthened its presence in key markets like Europe, Egypt, and Pakistan. Read: AD Ports Group, Pakistan ink MoUs to enhance transport, logistics sectors Tags Abu Dhabi AD Ports Group Logistics Q3 2024 performance You might also like Space42 teams up with ICEYE to manufacture SAR satellites in UAE Polen Capital to open Abu Dhabi office in Middle East expansion push Google, Hub71 partner to launch startup programme in 2025 AIX Racing brings the win home