AD Ports Group’s Q2 profit flat as tax offsets revenue growth, cash flow surges

image: AD Ports Group

AD Ports Group’s Q2 2025  revenue surged 15 per cent year-on-year (YoY) to Dhs4.83bn, driven by the Ports, Economic Cities & Free Zones (EC&FZ) and Maritime & Shipping clusters.

Quarterly EBITDA rose 9 per cent to Dhs1.17bn, with the group’s EBITDA margin at 24.2 per cent.

Profit before tax increased 5 per cent to Dhs519m, supported by higher operating performance but offset by increased depreciation and finance costs.

Net profit was flat at Dhs445 m, as higher income tax weighed on the bottom line.

Earnings per share remained steady at Dhs0.07.

Capital expenditure in the quarter reached Dhs928 m, focused on Maritime & Shipping, EC&FZ, and Ports assets. Capex intensity fell to 19 per cent of revenue, down from 28 per cent a year earlier.

Operating cash flow nearly doubled from a year earlier to Dhs1.14 bn, aided by 97 per cent cash conversion, resulting in positive free cash flow to the firm for both the quarter and year-to-date.

Over 90 per cent of Q2 EBITDA came from the Ports, EC&FZ, and Maritime & Shipping clusters. Container throughput jumped 17 per cent year-on-year, while general cargo volumes rose 13 per cent.

The CMA Terminal at Khalifa Port, which began operations in early 2025, reached 80 per cent utilisation in the quarter and 62 per cent year-to-date.

In EC&FZ, the group leased an additional 600,000 square metres of land in Q2, bringing total year-to-date leased land to 1.6 square kilometres.

Sdeira Group’s staff accommodation utilisation rose to 80 per cent, up from 63 per cent in Q2 2024 and 75 per cent in Q1 2025.

The Maritime & Shipping cluster posted a 34 per cent increase in container feeder volumes, while its vessel fleet grew to 34 ships, up from 28 a year earlier.

AD Ports H1 net profit rises 3 per cent

MD and group CEO Captain Mohamed Juma Al Shamisi said the company’s five-cluster business model continued to deliver sustainable growth despite macroeconomic and geopolitical challenges. “The long-term profitable nature of our value-enhancing internationalisation… is positioning AD Ports Group as a leader in sustainable trade, transport, logistics, and economic development,” he added.

The H1 earnings surged nearly 17 per cent to Dhs9.4bn, with net profit rising 3 per cent to Dhs668m, bolstered by continued cluster strength amid trade uncertainty and tariff headwinds.

Read: AD Ports Group Q1 profit rises 16% as core clusters drive double-digit revenue growth