AD Ports Group Reports Record $1.3B Revenue in Third Quarter Thanks to Strong Growth in Main Business

BY THE ARAB TODAY Nov 12, 2024

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AD Ports Group Reports Record $1.3B Revenue in Third Quarter Thanks to Strong Growth in Main Business

AD Ports Group reported a 10% increase in revenue compared to last year, reaching a record $1.3 billion (AED 4.7 billion) in the third quarter of 2024, due to stronger performance in its main business areas.

Third-Quarter Results

The Abu Dhabi-based ports company, AD Ports Group, reported a record profit of $81.9 million (AED 300.6 million), a 21.1% increase from the same time last year, according to a report filed with the Abu Dhabi stock exchange on Tuesday.
The company’s strong financial performance was driven by steady growth in its main business areas during the quarter ending on September 30, 2024.
AD Ports’ adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) jumped 59.7% from last year to $330.1 million (AED 1.2 billion), with an EBITDA margin of 26% for the July–September period.
Its total income rose slightly by 0.4% to $177.4 million (AED 651.8 million) compared to $176.7 million (AED 649.1 million) in the same quarter last year.
However, earnings per share (EPS) dropped 21% year-over-year to $0.016 (AED 0.06).

Nine-Month Financials

AD Ports Group’s revenue rose by 56.9% in the first nine months of 2024, reaching $3.5 billion (AED 12.7 billion).

Despite this revenue growth, net profit dropped by 5.1% to $257.8 million (AED 947 million) compared to the same period in 2023, according to the company.

On the positive side, their adjusted EBITDA increased by 54.9% year-on-year, reaching $904.4 million (AED 3.3 billion) by the end of September 2024.

Overall, total comprehensive income was $265.4 million (AED 974.8 million), up 6.6% from last year.