AD Ports Q1 revenue doubles on robust business growth

Wam

Revenue for the first quarter of 2024 at the UAE’s AD Ports Group more than doubled year on year to AED3.9 billion ($1.1 billion).

The topline was supported by its maritime and shipping, ports and logistics divisions.

Mergers and acquisitions, including that of Spanish integrated logistics company Noatum and Dubai container shipping company Global Feeder Shipping also had a positive effect.

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Net profit rose 11 percent to AED400 million in the first quarter of 2024 compared to AED362 million a year ago.

Profit before tax and minorities grew by 27 percent to AED462 million, despite higher depreciation and amortisation charges, as well as finance and M&A transaction costs.

Group CEO Mohamed Juma Al Shamisi said that AD Ports Group was well-placed to benefit in today’s challenging markets with international assets in countries including Pakistan, Spain, Egypt, Congo Brazzaville, Angola and Uzbekistan.

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Total assets grew 34 percent annually to AED58 billion, while total equity increased 12 percent year on year to AED25 billion. Q1 capital expenditure reached AED1.3 billion.

Ross Thompson, AD Ports group chief strategy and growth officer said it planned to now “forward, we plan to “commercialise and drive up utilisation of existing and upcoming assets, maximising their value while we focus on consolidating our position in Abu Dhabi across all clusters”.