AD Ports quarterly profit rises 11% to $121m

AD Ports Group

The UAE’s AD Ports Group said its annual total net profit rose 11 percent in the third quarter of 2024 as revenue reached a record high.

The bottom line reached AED445 million ($121.2 million) in the three-month period ended September 30, compared with AED439 million in the same period last year.

Revenue increased 10 percent year on year to AED4.7 billion, reaching an all-time quarterly high, thanks to year-on-year growth in all operating segments.

Cash flow operations more than doubled quarter on quarter to AED1.2 billion. However, a 31 percent year-on-year drop in capital expenditure resulted in a positive free cash flow of AED307 million.

“As 2024 comes to a close, there is reason for optimism,” said Mohamed Juma Al Shamisi, managing director and group CEO at AD Ports.

He said the global economic situation has developed slightly better than expected this year, and the regional macro environment remains solid, supporting demand and rates.

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Revenue for the nine months rose 57 percent annually to AED12.7 billion, while total net profit increased 19 percent year on year to AED1.3 billion.

Total assets increased 22 percent year on year to AED63.7 billion by the end of the third quarter, while total equity was up 21 percent annually to AED28 billion.